Getting A Pre Approved Mortgage

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 · 1. Mortgage Pre-Approval Mortgage Pre-Approval. A loan pre-approval sets you up for a smooth home buying experience. A few things have changed since the real estate meltdown a few years ago. For purchase transactions, real estate agents will first want to know if you can get a loan.

How To Get Pre Approved For A Home Loan Even if you are deemed to have bad credit, there are ways to still get pre-approved for a mortgage. Decrease your overall debt and improve your debt-to-income ratio. In general, a debt-to-income ratio of 36 percent or less is preferable; 43 percent is the maximum ratio allowed.

 · Student Loan Hero Advertiser Disclosure.. approved or otherwise endorsed by the financial institution.. One of the biggest financial steps you’ll take in your life is getting a mortgage. Before you start looking for a home, it helps to know how much a lender will loan you. That’s where mortgage preapproval comes in.

 · Getting pre-approved for a mortgage is the ammunition you take with you when you’re ready to go shopping for property. You’re telling builders and real estate agents that you have buying power so that they take you more seriously. Remember that savvy real estate agents can smell a serious buyer from a non-serious buyer a mile away.

 · Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount-basically, the stamp of approval that you have the money, credit history, and other credentials to buy a home up to that price.

What Does it Mean to be Pre-Approved 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.

 · Pre-qualification vs. pre-approval. You’ll complete a mortgage application (and usually pay an application fee), and you’ll give the lender a bunch of documents it can use to check your financial standing and your credit. A pre-approval is the No. 1 thing.

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