Reader question: "We are hoping to buy a house in the near future.A friend of ours who is a real estate agent said we should get pre-approved for a mortgage loan. I ‘ve started researching this, and now I’m even more confused than I was before. fha 203k loan qualifications receive loan approval from an approved fha 203k mortgage lender

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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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Home Loan Basics. Knowledge is power. Knowing your choices gives you the power to make good decisions. Throughout the Mortgage Center you’ll find valuable information you may use when buying or refinancing your home.

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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Prequalification vs Preapproval 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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