what is mortgage pre approval

Use NerdWallet’s free mortgage prequalification calculator to see whether you qualify for a home loan, and if so, what amount you can get prequalified for.

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A mortgage preapproval is different from a mortgage prequalification, though the terms are sometimes used interchangeably. A prequalification provides a rough estimate of how much you might qualify for and comes from a surface-level review of your financial information.

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Pre-qualifying is just the first step. It gives you an idea of how much of a loan you’ll likely qualify for. Pre-approval is the second step, a conditional commitment to actually grant you the.

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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.

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A pre-approval isn’t a guarantee of a loan. If you’re not careful, you could lose it. Here’s what to do and NOT do after your pre-approval. Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage.

A mortgage preapproval can be "pretty painless," says Turano, as long as you are prepared with appropriate documents. In addition to paperwork, your preapproval session with your lender should include a discussion about your down payment and loan options.

A preapproval letter provides documentation of exactly how much mortgage you have been approved to borrow. And this documented evidence shows both Realtors and sellers that you are serious in your pursuit of a property.

Is a mortgage pre-approval letter necessary to make an offer on a house? The short answer is no. However, if you want your offer to be taken seriously and to stand out from any competing bids.

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A mortgage preapproval tells sellers you can back up your offer. To get a preapproval letter, you need documents verifying your income, employment, assets and debts.