Understanding the Home Loan Pre Approval Process
To understand the home loan pre approval process, you first have to understand some basics about buying a house.
Prequalifying for a Home Loan
When you begin your search for a house, most of your time is spent just finding properties that fit within the guidelines of what you can afford and what meets your needs. But, unfortunately, you won't find out if you qualify until an offer is accepted on the property and it's time to close.
Lenders will look at your credit reports and earnings to determine if you're qualified and what interest rate and payment you qualify for. This is called the preapproval process, where they give you a letter that says how much house you can afford and an estimate on…
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