What Is Pre Approved Mortgage

Spring is right around the corner and with the warmer air comes the thought of buying a new home. Before you begin that journey and get all caught up in the thoughts of kitchen appliance finishes,

I’m 28 years old and I make $66k a year. I have about 50k in student loans I’m paying back and monthly manageable amounts and I also have a car payment loan I’m paying back through my credit union.

A pre-approval is a statement from a potential lender asserting that a borrower would be approved for a certain loan amount. Gaining pre-approval means that you as a borrower likely qualify for a certain mortgage according to the lender’s guidelines.

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Easy to start, easy to finish. 1. Get pre-approved in 3 minutes. 2. Compare lenders & choose rate. 3. Submit your documents online. 4. finish your loan with us.

Do I need pre-approval to get a mortgage? "Yes, getting pre-approved is the first step toward securing a mortgage. All mortgages are considered pre-approved until an appraisal of the property is completed and confirms that the property meets the bank’s criteria."

The document requirements for mortgage preapproval vary by lender and your individual circumstances, but typically, you’ll need to provide documents which show your income, your assets and any regular commitments against your income. These will include, but may not be limited to: Thirty days of pay stubs

 · A smaller house can save you money on property taxes, utilities and mortgage payments. Ask your lender to adjust the preapproval letter if you don’t need the full amount. For example, you’ve been approved for $225,000 and you find the house you want, but it costs only $190,000. Consider asking for an adjusted letter that guarantees only $190,000.

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BUYING OUR FIRST HOME | Buyer's Agent, Pre-Approval, FHA Mortgage | steffiethischapter Interested in getting pre-approved for a home loan? Getting pre-approved for a mortgage can save precious time off your home buying process. compare pre-approval offers with multiple lenders and get pre-approved with LendingTree.

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Mortgage pre-approval and pre-qualification are not interchangeable. The difference is really in the depth of the lender’s research. In order to be pre-qualified, you report your income, debt and assets to your lender, and your lender-without questioning your numbers-tells you, "Based on the numbers you gave us, you may qualify for this.