what does a prequalification letter mean
Pre-Qualified vs. Pre-Approved: What You Must Know – Getting a pre-approval letter means that you are likely to be approved for a mortgage and also states the amount for which you may be approved. It carries much more weight than a pre-qualification letter. It’s important to remember that you are not guaranteed to get a mortgage if you are pre-approved or pre-qualified.
At the request of borrowers, mortgage lenders will pre-qualify, or pre-approve, potential buyers prior to applying for a mortgage on a specific property. Lenders calculate a borrower’s financial.
What does pre-qualification mean? – Definitions.net – Definition of pre-qualification in the Definitions.net dictionary. Meaning of pre-qualification. What does pre-qualification mean? Information and translations of pre-qualification in the most comprehensive dictionary definitions resource on the web.
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Prequalification is a non-binding process in which prospective borrowers provide preliminary information concerning income, debts, assets and credit to mortgage lenders.The lenders perform some calculations and estimate the size of home purchase they will likely approve. Lenders may then issue a prequalification letter indicating what that home purchase limit is.
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My question, does the lender’s pre-approval letter guarantee we will get the home loan? I’m just wondering if it’s something worth celebrating." Keep the champagne on ice for now. You have a ways to go before you can celebrate anything. A pre-approval letter does not guarantee that you will actually get the loan.