And that’s where mortgage pre-approval comes in. In this third installment of our Stress-Free Guide to Getting a Mortgage, we’ll illuminate all you need to know about this crucial stage and how to ace.
QUESTION: What’s the difference between a mortgage pre-approval and mortgage commitment? My banker said they needed to look at all income, asset and credit documentation to have a fully vested.
An approval letter gives you an estimate of your loan amount, monthly payment and interest rate. Make a Confident Offer Getting approved shows sellers and real estate agents a lender is willing to give you a mortgage. Get to Closing Faster
When deciding how much mortgage you can afford, don’t forget to factor in these costs as well. Many homebuyers think that a pre-qualification is as “good” as a pre-approval. However, this isn’t the.
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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.
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Mortgage pre-approval is a more significant milestone in the process because a lender is actually checking your credit and verifying your financial information. If you’re pre-approved, a lender is making an actual commitment (subject to conditions such as a property valuation) to loan you money.
Mortgage pre-approval is basically a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other requirements. With this meaningful promise, you’ll be likely to get the home you deserve due to your creditworthiness.
Although, to a typical consumer, "you’re pre-approved" means "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply," the literal meaning is different. The literal meaning is "at a stage before approval."
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How to start the pre-approval process. If you’re wondering, the industry standard takes one to three days to issue a mortgage pre-approval letter. However, at Movement, it is our goal to provide you a fully underwritten pre-approval within six hours of receiving your completed application*, if qualified.