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how to get a preapproval letter

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Why You Need a Pre-Approval Letter – HGTV.com – Read tips on why you must make sure you get a pre-approval for a mortgage, not a pre-qualification.

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How to Get Preapproved for a Mortgage | US News – The preapproval letter usually includes an estimate of your loan amount, interest rate and the monthly mortgage payment. Although a preapproval puts you ahead of other buyers who don’t have one, it’s still not a commitment from the bank. On the plus side, it also doesn’t bind you to that particular bank’s mortgage.

Q: I got a preapproval letter from a lender, but the underwriter denied my application. Why? A: A preapproval letter is not the same thing as actually being approved for a mortgage. A preapproval letter is also known as a "conditional commitment" because it’s based upon information you have stated to the lender and a quick review of your credit.

Being prequalified or conditionally approved for a mortgage is the best way to know how much you can borrow. A prequalification gives you an estimate of how much you can borrow based on your income, employment, credit and bank account information.

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A preapproval letter is great, but remember you are not locked in to the lender or lenders that gave it to you. Shop around for the best rate and choose the lender that offers you the best terms.

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Prequalifying at Bank of America is a quick process that can be done online, and you may get results within an hour. For mortgage preapproval, you’ll need to supply more information so the application is likely to take more time. You should receive your preapproval letter within 10 business days after you’ve provided all requested information.

5 Things You Need to Be Pre-Approved For a Mortgage. Potential buyers benefit in several ways by consulting with a lender and obtaining a pre-approval letter. First, they have an opportunity to discuss loan options and budgeting with the lender. Second, the lender will check on their credit and alert the would-be buyers to any problems.