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what is pre approved mortgage

Why You Should Get Pre-Approved for a Mortgage – fool.com – If you’re shopping for a home, one of the first things you should do is go to the bank to get pre-approved for a mortgage. Pre-approval is different than pre-qualification.

How Long Does a Mortgage Pre-Approval Last? | Clever Real Estate. – When you're seriously shopping for a house, getting a pre-approval letter is one of the best decisions you can make. Although a rather quick.

Getting pre-approved and qualifying for a mortgage – Canada.ca – The pre-approval process. A pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you. With a pre-approval, you can: know the maximum amount of a mortgage you could qualify for; estimate your mortgage payments

Pre-approval– This is a more in-depth (and more useful) version of pre-qualification. When you get pre-approved for a mortgage loan, the lender will actually start to verify your financial background.

Pre-approval means that a lender has stated in writing that you qualify for a mortgage loan based on your current income and credit history. A pre-approval usually specifies a term, interest rate and mortgage amount.

Mortgage pre-approval: Making it official. Pre-approval shows you have the resources to make the purchase and it helps you act quickly when you find the perfect home. From the sellers’ point of view, a pre-approved buyer is more attractive than someone who says they can buy a house but have nothing but their word to back up their offer.

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NewFED Will Help Find The Right Mortgage For You – Massachusetts based New Fed Mortgage Corp., a multi-state residential mortgage lender is pleased to announce their approval by the Pennsylvania Department of Banking and Securities to lend in the state and is now able to serve the state of Pennsylvania with a wide array of mortgage programs.

Difference Between Pre-approved and Approved for a Mortgage – Pre-approval is the lender’s way of saying they would like to work with you. After you apply for pre-approval, the lender will check your credit and thoroughly examine your financial life.

Getting a mortgage pre-approval letter is the first step in the home buying process. Learn what a pre-approval is and what you need to get one. Getting a mortgage pre-approval letter is the first step in the home buying process. Learn what a pre-approval is and what you need to get one.