Mortgage pre-qualification is an important first step for anyone who is considering buying a home and is unsure if they are financially ready. Our loan pre-qualification calculator will look at several factors and indicate whether you meet minimum requirements for a home loan as well as tell you the maximum amount that you can afford.
How mortgages are approved. Share.. To get a clearer view of the mortgage process, it’s helpful to know some of the factors that will be considered when your mortgage application is reviewed.
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A mortgage preapproval is a conditional green light from a mortgage lender that you’re eligible to borrow a certain amount of money for a home purchase. Lenders share this information in writing, so you’ll often hear this referred to as a "preapproval letter."
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Mortgage pre-approval, on the other hand, involves the same steps as a mortgage application – you’ll provide detailed information about your income and assets that will be reviewed by the lender’s underwriters. If pre-approved, you’ll get a conditional commitment by the lender for a specific loan amount.
Ready to get pre-approved for a mortgage? Want to learn about your options when it comes to getting pre-qualified? Fill out our pre-approved mortgages form .
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A mortgage pre-approval will remove a primary uncertainty when buying a home. You, as a prospective byer, can make an offer with confidence, because you know, through the obtainment of a mortgage pre-approval, that financing will not fail due to the determined mortgage underwriting decision.
Mortgage pre-approval letters are typically valid for 60 to 90 days. Lenders put an expiration date on these letters because your finances and credit profile could change.
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 report and score. With a preapproval letter, you can find a home you can afford by shopping within your means – while showing you’re a serious buyer.
Mortgage prequalification is an informal evaluation of your creditworthiness and how much home you can afford. Prequalification indicates whether you meet minimum requirements for a loan and how.