Complete Guide to Mortgage Pre-Approval: Steps, Benefits & Timeline
What Is Mortgage Pre-Approval and Why It Matters If you're preparing to buy a home, getting pre-approved for a mortgage is one of the most strategic first steps you can take. A mortgage pre-approval is a lender’s preliminary assessment of your creditworthiness and ability to borrow. It tells you how much home you can afford and shows sellers you're a serious, qualified buyer. Unlike a simple prequalification—which is typically based on self-reported information—pre-approval is a formal process
What Is Mortgage Pre-Approval and Why It MattersIf you're preparing to buy a home, getting pre-approved for a mortgage is one of the most strategic first steps you can take. A mortgage pre-approval is a lender’s preliminary assessment of your creditworthiness and ability to borrow. It tells you how much home you can afford and shows sellers you're ...
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