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Homeownership Terms to Know: Pre-Approval, Pre-Qualification & More

Windemere Buying

Before you begin your home buying journey , it’s helpful to know about pre-approval, pre-qualification, and proof of funds, and the role they play in a real estate transaction. Homeownership Terms to Know: Rent-Back Agreement, Joint Tenancy & More Pre-Qualification and Pre-Approval What is pre-qualification?

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Mortgage Pre-Qualification vs. Pre-Approval: What’s the Difference?


Like pre-qualification or pre-approval. Let’s lay it all out: How pre-qualifications and pre-approvals are similar Pre-qualifications and pre-approvals have a few things in common. Learn More What’s a pre-qualification? But what exactly are they?


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Pre-Approval Makes All the Difference When Buying a Home

Keeping Current Matters

You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Bottom Line.

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What Is a Pre-Qualification Letter? Not a Guarantee You’ll Get That House

designer491/Shutterstock What is a pre-qualification letter? I tell most people they can take that pre-qualification letter and throw it in the trash,” says Patty Arvielo , a mortgage banker and president and founder of New American Funding, in Tustin, CA. What to know about a pre-qualification letter.

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Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Keeping Current Matters

You may have heard that pre-approval is a great first step in the homebuying process. Pre-approval from a lender is the only way to do this. This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

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How to Get a Pre-Approval For a Mortgage

Maximum Exposure Real Estate

How Pre-approval For a Mortgage Differs From Pre-qualification When buying your first house, understanding pre-approval for a mortgage becomes essential. Many first-time buyers will seek knowledge on how to get pre-approved for a mortgage.

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Mortgage Pre-Approval vs. Prequalification: What’s the Difference?


By Bill Gassett Mortgage pre-approval and pre-qualification are two different processes that help you secure a mortgage for buying a house. On the other hand, pre-approval involves a more detailed review of your financial and credit situation. appeared first on RISMedia's Housecall.