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A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.
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.
401k house down payment can you get an equity loan with bad credit Getting a home equity loan with bad credit requires a debt-to-income ratio in the lower 40s or less, a credit score of 620 or higher and home value of 10-20% more than you owe. Getting a loan when your credit score has taken a downward slide can be tough. Your home may hold the answer – with the value that it has accrued over time.For a few scenarios, Middendorf can see taking money out of a 401(k) as a plausible option. For instance in case of a divorce and the couple selling their house, one of them is buying another house but needs to get a down payment out of their retirement fund quickly.
6 Tips to Get Approved for a Home Mortgage Loan – Money Crashers – Pre-approvals include everything from how much you can afford, to the interest rate you'll pay on the loan. The lender prints a pre-approval letter for your records .
Learn how getting pre-qualified or pre-approved for a home loan can speed up the home buying process and help you avoid losing a home you really want.
Mortgage pre-approval: Making it official. Pre-approval shows you have the resources to make the purchase and it helps you act quickly when you find the perfect home. From the sellers’ point of view, a pre-approved buyer is more attractive than someone who says they can buy a house but have nothing but their word to back up their offer.
· When you make an offer on a home, the seller will want to know whether you’re pre-approved or pre-qualified for a loan. Here’s how they differ.
Steady employment and income also play a big part in your getting pre-approved for a mortgage. Proving you have steady income and a solid job is important to making sure you will continue to repay.
Acquiring mortgage loan pre-approval is the first step a borrower takes at the beginning of the home-buying or refinance process. Not to be confused with mortgage pre-qualification, it entails.