how do i get pre approved for a mortgage

Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage. Don’t get too excited just yet: There’s lots to do before you actually get the loan. Securing a pre-approval is the first step of the home buying process .

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The challenges of buying a home may work your nerves, but a mortgage pre-approval can make the home-buying process easier. First, a pre-approval will include an amount for which you are pre-approved. You can use this figure to make sure the dream homes you tour are really within your reach.

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Get Pre-Approved for a Mortgage. Getting pre-approved for a mortgage loan before looking at houses is emotionally and financially responsible. On one hand, you know what you can spend before bidding on properties. And on the other hand, you avoid falling in love with a house that you can’t.

Figure out which options will bring you the best loan for your needs. How Do I Get Pre-Approved for a Mortgage? The next step in the mortgage process is getting pre-approved. You may have decided the.

While you’re talking to lenders about getting pre-approved for your mortgage, ask them for rate quotes too. You will soon be saving time and money like a pro. Get your application started in.

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.

When you need a mortgage pre-approval, you’ll want to shop around. But beware of overshopping-or your credit score could pay the price. Don’t Let Mortgage Pre-Approvals Sink Your Credit Score.

Pre-approval is a term used by the mortgage industry to describe the initial process of qualifying for a mortgage. When a buyer is pre-approved,

A mortgage pre-approval refers to a letter from your lender indicating that you meet the standards for a home loan within a certain price range. The lender has performed an in-depth review of your credit, income, and other financial indicators, and put them through the automated underwriting system.

Find a Local Mortgage Lender for a Home Loan or Refinance.

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