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Being pre-approved means you’ve actually been approved by a lender for a specific loan amount. When pre-approved, you will receive a letter that states your approved loan amount.
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Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan. Your pre-approval letter should be submitted along with your offer to show sellers that you are a serious and qualified buyer.
So, you've been preapproved and have a good handle on how to choose a loan? Great! Now that you have a clear idea of your homebuying budget, it's time for.
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Pre-approval involves approaching a mortgage lender and asking for approval to obtain a mortgage in the future. The mortgage lender will look at your credit score, employment history and current financial situation and use that information to determine the amount you can borrow for your home purchase.
If you are in the market for a new home, getting pre-approved for your mortgage is one of the first steps you must take. In fact, a mortgage pre-approval should be obtained even before you start your home search. A pre-approval is not the same as getting pre-qualified for a mortgage loan.
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