When you are preapproved for a home loan, you have to provide documentation of your situation, not just estimates. You may need to pay a fee for a credit check, and you’ll need income documentation and bank statements that show assets and liabilities.
Find a local lender in minutes who can help you get pre-approved for a mortgage. Mortgage pre-approval can show you’re a serious and credible buyer.
A mortgage pre-qualification can be useful as an estimate of how much someone can afford to spend on a home, but a pre-approval is much more valuable. It means the lender has checked the potential.
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The primary reason to get pre-approved for a mortgage before shopping for homes is to ensure you’re looking at homes that are within the price range that you can afford. Even though a buyer will get pre-approved for a mortgage before shopping for homes doesn’t mean there is a guarantee they will successfully obtain the financing.
If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified Footnote 1 or preapproved Footnote 2 for a mortgage. It’s time to understand exactly what each of those terms means and how they might help you.
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The pre-approval amount is the maximum you may get. It does not guarantee that you’ll get a mortgage loan for that amount. The approved mortgage amount will depend on the value of your home and the amount of your down payment.
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Getting a mortgage pre approval can put you ahead of other buyers and speed up the mortgage process, helping you secure your dream home. Find out how to get preapproved and get a customized list.
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A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding. As you get closer to buying a home you’ll want to seek pre-approval. You can meet with a local bank, credit union, or mortgage broker.