A mortgage pre-approval is an incredibly useful process that helps you get the home you want! When you apply for pre-approval, your lender will go over your finances and figure out exactly how much they can lend you at a specific interest rate.

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A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.

A mortgage pre-approval only means a loan officer has looked at your finances-your income, debt, assets, and credit history-and determined how much money you can borrow, how much you could pay per month, and what your interest rate will be.

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Both mortgage pre-approval and pre-qualification will give you an estimate, but only one may help you unlock the door to your new home. Here’s what you need to know about both, so you can confidently take the next, exciting steps toward home ownership.

A mortgage pre-approval is an incredibly useful process that helps you get the home you want! When you apply for pre-approval, your lender will go over your finances and figure out exactly how much they can lend you at a specific interest rate.

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A mortgage preapproval can be "pretty painless," says Turano, as long as you are prepared with appropriate documents. In addition to paperwork, your preapproval session with your lender should include a discussion about your down payment and loan options.

If a lender tells you that you can be pre-approved in just a few minutes, you might want to stop and run in the other direction – fast. A real pre-approval involves much more than just a loan.

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Mortgage point-of-sale (POS) solutions provider Blend is introducing automated, self-serve pre-approvals. This new capability enables mortgage lenders to furnish home shoppers with a pre-approval.

Mortgage Pre-Approval. When you are pre-approved for a mortgage, a lender has looked closely at your credit reports, your employment history, and your income – and must then determine which loan programs you qualify for, the maximum amount you can borrow, and the interest rates you will be offered.

Here's how to qualify for and choose a mortgage, and what to expect. So get the ball rolling early and get pre-approved before you even start.