Here’s what that means to you: If you are pre-approved for a $400,000 loan, that means you could include searches on homes up to $432,000 (8% greater than the $400,000 baseline approval). You real estate agent can help you fine tune your choices.
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Preapproval means that your loan officer is ready to initiate your mortgage, based on the information and documentation you provided at the time you requested the preapproval. In layman’s terms, it is the equivalent of your lender saying, "We’ll give you a loan, up to a certain amount, provided these conditions are met."
What does it mean to be pre-approved for a mortgage? "To be pre-approved for a mortgage means that you are able to buy the house of your dreams ," said Brittany. "It means the bank has reviewed your application as well as your credit, assets, and income, and has determined you qualify for the amount of money you are requesting, pending a satisfactory appraisal of the property you intend to buy."
And that’s what a mortgage pre-approval is: the process of determining whether a borrower meets a particular lender’s guidelines for a home loan. It shouldn’t be confused with a mortgage pre-qualification, which is a much more cursory look at your financial picture.
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Being pre-approved for a mortgage means that a mortgage lender has checked your credit, employment, and income and you qualify for a loan up to a certain amount. The lender at this point has enough information about the borrower to determine whether they meet their loan guidelines or not. For a mortgage pre-approval the borrower must complete a loan application, have their credit and score checked,verify income using W2’s and tax returns.
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.
Gaining pre-approval means that you as a borrower likely qualify for a certain mortgage according to the lender’s guidelines. To obtain a pre-approval letter from a lender, you will be required to provide some information about your finances, and also give permission for your credit report to be pulled.