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Buying Step 3:

Buying Step 3:


Buying Step 3:

Get a Preapproved Mortgage:

Start the mortgage process well before bidding on a home. We can often recommend mortgage sources with the best terms and rates. Most lenders give you the option of making the loan application right online. Once you submit your loan application, the lender will  reach out to let you know which programs best meet your needs and how much you can afford.

By meeting with loan officers in advance and identifying mortgage programs, it won’t be necessary to quickly find a lender, do a check credit and rush into a financing decision that may not be the best option.

 

What is Preapproval?

 

A preapproval letter means you have met with a loan officer. The lender has reviewed your credit and believes you can readily qualify for a given loan amount with one or more specific mortgage programs. Based on this information, the lender will provide a preapproval letter, which shows your borrowing power. You can visit as many lenders as you like and get several preapprovals, but keep in mind that each one does a new credit check, and too many credit checks could adversely affect your credit rating.

The preapproval letter will be submitted along with your offer when bidding on a home.  This information is important to owners since they do not want to accept an offer that is likely to fail because financing cannot be obtained.

 

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