how to get preapproved for a mortgage loan

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Learn why you should consider getting a mortgage preapproval first and. and alerts you to problems that may affect your ability to get a loan.

2015-03-03  · A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular period, such as 90 days).

Taking the first step toward buying your dream home? Learn what it means to get pre-approved vs. getting pre-qualified for a mortgage so you can determine the option that works best for you.

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To get a more accurate idea of what you can afford, factor in these monthly bills, along with other financial goals such as saving for emergencies, retirement and college.

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In order to get preapproved for a mortgage, you first must qualify for one. potential borrowers interested in a conventional mortgage are generally expected to meet the following requirements: Provide at least a 3% down payment.

One of the best things you can do to help ensure your best possible shot at getting the home you want is getting a pre-approved mortgage loan.

home equity loan versus refinancing Borrowers should keep in mind that a cash-out refinance replaces their current mortgage and even though they receive additional cash they only have to make one monthly payment. Unlike a home equity line of credit, a cash-out refinance can have a fixed interest rate for the life of the loan so the monthly payments remain the same.

The first step to get pre-approved for a home loan is to find a mortgage lender to work with. You can use this site to find a licensed lender in your area in minutes. Then, your lender will ask for some basic information about your financial history and will need to run a credit report.

Get RateShield Approval after speaking with a Home Loan Expert and lock your interest rate for up to 90 days. If rates go up, your rate stays the same. If rates go down, your rate may drop. Either way, you win! 1; Ready to get approved so you can go house hunting? Start online or call a Home Loan Expert at (800) 251-9080.

Buying a home takes more than budgeting and making the big decision to share the responsibility of a home with your partner. You also have to get a mortgage lender to agree that you are indeed ready to buy a home by getting pre-approved for a mortgage loan. Without a preapproval letter from a mortgage lender, you will.