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When you are pre-approved for a mortgage, it means a lender has determined how much you can borrow, the loan programs that you may qualify for, as well as the interest rate you qualify for. This assessment is based on things like credit score, income, debts, and employment history.
Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount-basically, the stamp of approval that you have the money, credit history, and.
A mortgage pre-approval shows home sellers that you have your finances in check, that you’re serious about buying a house, and that you won’t be denied a mortgage if they decide to sell you their home. Is a mortgage pre-approval the same as pre-qualification? No! mortgage pre-approval and pre-qualification are not interchangeable.
The interest rate you receive on a loan is directly tied to your FICO score. By raising your credit score you’re able to get a lower mortgage rate, meaning you’ll be approved for a higher loan amount. By getting just a half a percent lower rate on your loan could allow you to borrow thousands of dollars more.
Verify accuracy on newly submitted documentation for the home loan; Milauskas said final approval can take place as quickly as 24 hours after the buyer submits all the final documentation for their home loan. The speedy timeline is only possible because the majority of the information included in the application has been approved already.
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If you’re granted a pre-approved mortgage loan, the lender gives you a pre-approval letter, which says your loan will be approved once you make a purchase offer on a home and submit the following documents: the purchase contract, preliminary title information, appraisal and your income and asset documentation.
when do i make my first mortgage payment If your mortgage loan servicer has brick-and-mortar branches, you can also walk into any of those locations in person and make a payment in cash or by check or withdrawal from your account.
It can take several days or weeks to get approved for a mortgage, but that timeline heavily depends on how honest you are with your lender.
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What exactly does pre-approval mean, and how does it affect the home buying process? Read ahead to find out.