what does a mortgage pre approval letter mean

The confusion behind loan preapproval undoubtedly spurs from the word "approval." Many times, borrowers hear this keyword and the rest fades away. Additionally, it’s possible there are some mortgage companies out there that don’t do a good enough job of ensuring that veterans have a clear understanding of the difference.

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A preapproval letter provides documentation of exactly how much mortgage you have been approved to borrow. And this documented evidence shows both Realtors and sellers that you are serious in your pursuit of a property.

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A pre-approval letter, which also comes from a lender, is provided after you submit proof of your assets, income, and expenses (in the form of pay stubs, tax returns, and bank statements), and.

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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Conditional Approval vs. Initial mortgage approval. people often confuse conditional approval and the approval you get to shop for a home. Loans are initially approved by a Home Loan Expert who has reviewed your income and credit information. Your information must be verified and approved before a decision can be made.

But being pre-approved indicates your intent to purchase, so sellers look fondly upon buyers with pre-approval letters. Which One Should I Get? If you’re new to home buying, not sure whether you can support a mortgage, or if you’re just not ready to buy yet, pre-qualification makes more sense.

The Skinny on Pre-Approved. You’ll complete an official mortgage application (and usually pay an application fee), then supply the lender with the necessary documentation to perform an extensive check on your financial background and current credit rating. (typically at this stage, you will not have found a house yet,

If a pre-qualification is the initial goal, a preapproval – or conditional approval. a preapproval letter, I always remind my sellers that this letter does not guarantee or even imply that the.

Mortgage Pre-Approval. When you are pre-approved for a mortgage, a lender has looked closely at your credit reports, your employment history, and your income – and must then determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rates you will be offered.

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