A pre-qualification proves a borrower has contacted a mortgage loan officer, but it doesn't hold much weight. A pre-approval involves a lender.
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Generally, the pre-approved letters refer to credit cards, properties, vehicles etc. with a pre-approved the letter in hand you can almost occupy the house within the mortgage limit immediately. You can gat a car if that condition exists. But not all pre-approvals are hassle free.
Pre-approval shows you have the resources to make the purchase and it helps you act quickly when you find the perfect home. From the sellers’ point of view, a pre-approved buyer is more attractive than someone who says they can buy a house but have nothing but their word to back up their offer.
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Where things can change is if you’re rate shopping among multiple mortgage lenders. First, it’s important to understand that pre-approval isn’t a binding step. You can work toward a pre-approval.
3. Get pre-approved for a mortgage Flex your financial muscles to sellers by having a mortgage pre-approval letter in hand. Work with your lender to submit necessary financial paperwork – pay stubs,
When you are applying for a mortgage the first thing you may have heard of. The best deal for you is if you already have a pre-approved loan.
Basically, a mortgage pre-approval letter is a guarantee from a lender that it’s willing to finance your home purchase up to a certain dollar amount, based on financial info you’ve shared with.
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A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.
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It also shows how much the lender would be willing to lend you. Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan. Your pre-approval letter should be submitted along with your offer to show sellers that you are a serious and qualified buyer.
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