Why Pre Qualify For A Mortgage

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Article originally published November 1st, 2016. updated october 26th, 2018. 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. Mortgage pre-approval is basically a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a.

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By proving you have your bank’s backing, a mortgage pre-approval could help you negotiate on price – and it may be a deciding factor for sellers who receive multiple bids. One note on timing: Don’t apply for a pre-approval until you’re fairly certain you’ll want to buy a home within the next 90 days.

How to Qualify for a Mortgage as a First-Time Home Buyer. – This is Part 2 of a 5-part series in our first-time house buyer’s guide. Just joining in? Start here.. The funds for the down payment are in your savings account.Congrats-you’ve cleared the first big hurdle of.

Mortgage Pre-Qualification vs. Pre-Approval: There's a. – Mortgage pre-qualification and pre-approval sound alike, but for home buyers there’s a big difference between the two.. Of course, that’s why obtaining a mortgage is such a crucial part of the.

When and where to apply for your mortgage. You can meet with a mortgage lender and get pre-qualified at any time. A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding.

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Understand the importance of getting a mortgage pre-approval before you start your house hunt, plus see what documents you need and what you can expect.

Why Pre-Qualify? – olympic-mortgage.com – Why? Maybe it’s difficult to understand how we can help even before you begin to talk about prices and negotiations. We Will Help You Pre-Qualify. We will help determine how much of a mortgage you can afford, and how much money you can borrow, by walking you through the pre-qualification process.

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