why get prequalified for a home loan

Use NerdWallet’s free mortgage prequalification calculator to see whether you qualify for a home loan, and if so, what amount you can get prequalified for.

One of the most important steps to successfully purchase a home is to get pre-approved for a mortgage before shopping for homes.. The primary reason to get pre-approved for a mortgage before shopping for homes is to ensure you’re looking at homes that are within the price range that you can afford.

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The first step for buyers who will buy with a financed purchase is to get pre-approved for a mortgage before you find the home you want to buy, and before you even go see properties. This is.

It is easy to assume that once you have pre-approval, all you have to do is find a home to buy, sign some papers, get your money and purchase your home. But occasionally, buyers are given a nasty surprise when they go to get the mortgage. Even though they were pre-approved, the lender declines to give them the loan.

If you’re confident in your finances or have already been pre-qualified, you might want to get preapproved instead. Prequalification is how lenders determine if you fit the basic financial criteria.

Find a good lender. Choose the right loan package. Get prequalified for your loan. Why you should get pre-qualified before house hunting – If it turns out that an unforeseen curve ball barrier to your home buying plans does exist, better to shine a light on it now and get to work fixing whatever it is that broke while you weren’t looking.

A mortgage pre-approval refers to a letter from your lender indicating that you meet the standards for a home loan within a certain price range. The lender has performed an in-depth review of your credit, income, and other financial indicators, and put them through the automated underwriting system.

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These tips help you get approved for a higher loan amount.. So you have been pre-approved for a mortgage. But the home you want to buy costs more than you’re pre-approved for. In this article we’re going to explain how you can get approved for a larger loan amount.

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