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Pre-Approval – How Much House Can You Afford |
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What is a Mortgage Pre-Approval: Simply put, Mortgage Pre-Approval
is a letter from a bank stating how much money they might be willing
to lend you toward the purchase of a home. It is based on financial
information you provide them, backed up by paperwork such as
paycheck stubs and a credit report. This is not a guarantee. You
will get no commitment until you find a home you are interested in
purchasing and submit a formal Mortgage Application. |
How does Pre-Approval differ from Pre-Qualification: A Pre-Approval
is based on more hard facts; in general, a Pre-Qualification is
based on what you tell a loan officer or mortgage broker over the
phone.
In today’s market, your credit score is KEY to qualifying for a
loan. For tips on ways to improve your credit score,
click here
Who do I contact for Mortgage Pre-Approval? If you have a bank you
like to work with, you can consult them. Most real estate companies
work with a mortgage company or have an in-house lender.
Aviva and Or-Lee have close relationships with several different
mortgage companies and brokers. Some of their most trusted
colleagues are:
Selecting a mortgage representative is just as important as
selecting the house you want to live in for the next several years
and the agent who is going to help you find that house. Be
selective… Remember, YOU GIVE THEM YOUR MORTGAGE. They may be giving
you the money, but you are giving them your ongoing business for the
next thirty or so years.
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