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Mortgage Pre Approval Letter: What You Should Know
Pre-approvals provide information, but they are not a guarantee of a loan. They are a preliminary stage of a loan approval. You should have all the paperwork in order before applying for a mortgage. How to Get A Pre-approved Mortgage How do I obtain a pre-approved mortgage with a lender? In a few parts of the country, there are mortgage pre-approvals available. If you are willing to take a risk and meet with a lender directly, you will receive a pre-approval from your bank or a broker.Ā This could be a good plan for first time borrowers. What is a pre-qualification? A pre-qualified application is an application for a loan. Typically, the pre-qualified applicant will apply for the mortgage without having to go through a down payment and mortgage insurance.Ā If the lender has pre-qualified a home buyer for the mortgage, all a lender will need to do isĀ confirmĀ the pre-qualified borrower's personal information, and send the pre-qualified homebuyer a copy of theĀ Pre-qualified Approval LetterĀ as well as a pre-approval letterĀ on a secure, electronically stored electronic system, called theĀ Application Package. When can a lender pre-qualify a home buyer? The lender must obtain the borrower's signature before they will give him or her the mortgage pre-approval notice. This can take a few days, but the lender can also do it by phone, fax, or e-mail. Who can a lender pre-qualify? A mortgage lender may pre-qualify: A first-time home buyer A student borrower, who has not lived (or currently lives) in his/her home for more than six months, or a person with one of these other personal qualifications: A married personĀ A person not of your race, color, religion, sex, national origin, age, disability or veteran status, unless there is a significant history of discrimination or harassment in your hometown or community. What happens after a loan pre-approval? The home buyer must sign a letter confirming that you are a good person and qualify for the mortgage. The home buyer must send the pre-approval letter and the Application Package to your prospective lender.
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