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What is mortgage pre-approval? Mortgage pre-approval is an evaluation by a lender that determines if you would qualify for a home loan. 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.
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. By proving you have your bank’s backing, a mortgage pre-approval could help you negotiate on price – and it may be a deciding factor for sellers who receive multiple bids.
Some lenders charge an application fee for pre-approval, which can amount to several hundred dollars. You’ll receive a conditional commitment in writing for an exact loan amount, allowing you to.
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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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So take notice, potential home buyers. While pre-qualification can be helpful in determining how much a lender is willing to give you, a pre-approval letter will make a stronger impression on.
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A mortgage preapproval is a letter from a lender indicating how much of a loan you can qualify for, issued after the lender has evaluated your financial history – including pulling your credit.