It is easy to assume that once you have pre-approval, all you have to do is find a home to buy, sign some papers, get your money and purchase your home. But occasionally, buyers are given a nasty surprise when they go to get the mortgage. Even though they were pre-approved, the lender declines to give them the loan.
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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.
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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A mortgage preapproval tells sellers you can back up your offer. To get a preapproval letter, you need documents verifying your income, employment, assets and debts.
You can get pre-approved for a FHA home loan with a 500 credit score, and 10% down. If you have a 580 credit score you can get approved for an FHA loan with a 3.5% down payment. This is why FHA-insured home loans are the most popular mortgage among first-time homebuyers,
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Get pre-approved online for a home loan and simplify your home buying process with Capitol Federal.
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.
Mortgage pre-approval is an evaluation by a lender that determines if you would qualify for a home loan. It also shows how much the lender would be willing to lend you. Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan.
A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.
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