What Does Getting Prequalified For A Mortgage Mean

When is the best time to get a mortgage prequalification? First, decide if. By now, you've probably noticed these terms don't mean the same thing. But before .

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It does not seem you’re at a place where you. your income will be when you decide to buy a home in Illinois. Why prequalified’ doesn’t always mean you’ll get that mortgage We don’t think you.

Mortgage prequalification is an informal evaluation. If you’re confident in your finances or have already been pre-qualified, you might want to get preapproved instead. Prequalification is how.

To be pre-approved for a mortgage means that a bank or lender has investigated your credit history and determined that you would be a suitable candidate for a mortgage.

“Not getting pre-approved doesn’t mean you won’t be able to get a mortgage. “you don’t need a different mortgage, you need a different house.” RELATED: How Does Comparative Market Analysis Work? 6.

Pre-qualification by a lender will help you determine the amount of mortgage you can afford, through an analysis that considers your income, debt, credit history and savings.

At the request of borrowers, mortgage lenders will pre-qualify, or pre-approve, potential buyers prior to applying for a mortgage on a specific property. Lenders calculate a borrower’s financial ability to make monthly payments, and pre-qualifying helps the lender make safer loans and the borrower to shop for a house within his means.

"In today’s competitive real estate market, getting pre-approved for a mortgage can mean the difference between getting the home that’s right for you, or losing it to some other buyer," said Erin.

In lending, pre-approval has two meanings: . The first is that a lender, via public or proprietary information, feels that a potential borrower is completely credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.

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Getting pre-approved for a mortgage also enables you to move quickly when you find the perfect place, and it lets the seller know that your offer is serious in a competitive market.

Interested in getting pre-approved for a home loan? Getting pre-approved for a mortgage can save precious time off your home buying process. compare pre-approval offers with multiple lenders and get pre-approved with LendingTree.