Before even starting to search for your dream home, get pre-approved or pre-qualified for a mortgage to know your limits and the best type of financing available. With the current limited supply of homes on the market and the multiple offers many properties draw, sellers may not consider an offer without pre-approval or pre-qualification, so be prepared! Pre-qualification and pre-approval mean different things.
To get pre-qualified for a mortgage loan, you provide a lender your approximate income, current debts and any important details from your credit history. The lender will then use these details to determine how much you may be eligible to borrow. You may receive a Conditional Qualification Letter from the lender, which determines your likelihood of getting a home loan. However, it’s important to know that all information submitted during pre-qualification is subject to verification when your actual loan application is submitted. There is no guarantee that you will receive a…
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