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A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.
Before you can get serious about buying a home, you need to get pre-approved for a mortgage. Learn what you need so you can speed up the.
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One of the best things you can do to help ensure your best possible shot at getting the home you want is getting a pre-approved mortgage loan.
When you are pre-approved for a mortgage, a lender has looked closely at your credit reports, your employment history and your income – and must then determine which loan programs you qualify for, the maximum amount you can borrow and the interest rates you will be offered.
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5 Things You Need to Be Pre-Approved For a Mortgage. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. First, they have an opportunity to discuss loan options and budgeting with the lender. Second, the lender will check on their credit and alert the would-be buyers to any problems.
Many lenders claim that if you're not pre-approved for a mortgage, you don't stand a chance in the housing market. But what exactly does mortgage pre- approval.
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Find a Local Mortgage Lender for a Home Loan or Refinance.
Learn what mortgage preapproval means for you as a potential home buyer, how to get it, and how it differs from prequalification.
Getting a mortgage preapproval can give you a big advantage in the home- buying process, so much so that's it's almost standard these days in.
Reader question: We’re hoping to buy a home in the future. A buddy of ours who’s a realtor said we should get pre qualified for a home mortgage. What does the pre approval process involve? How’s it.