Chase Pre Qualified Home Loan – Many property buyers have heard that they need to be pre-qualified or pre-approved for a home loan if they want to buy a property. These are two important steps in the mortgage application process. Some people use the terms interchangeably, but there are important differences that every home buyer should understand. Getting fit is the first step. This gives you an idea of how large a loan you may be eligible for. A pre-approval is the second step, a conditional commitment to provide a home loan.
“The qualification process is based on data submitted by buyers,” said Todd Kaderabek, a realtor with Beverly-Hanks Realtors in downtown Asheville, NC. “Pre-approval is verified consumer data – for example, credit checks.”
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Getting qualified first involves giving the bank or lender your overall financial picture, including debt, income and assets. The lender reviews everything and gives an estimate of how much the borrower can expect to receive. Prequalification can be done over the phone or online, and there is usually no cost involved.
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Prequalification is fast, it usually takes one to three days to receive an eligibility letter. Remember that loan prequalification does not include credit report analysis or extensive consideration of the borrower’s ability to purchase a home.
The first qualification step allows for discussion of any goals or needs regarding the loan debt. The lender will explain the different mortgage options and recommend the type that is most suitable.
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The prequalified value is also not a sure thing because it is only based on the information provided. It is simply the amount that the borrower can expect to receive. A pre-qualified buyer does not carry the same weight as a pre-approved, thoroughly vetted buyer.
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However, prequalification can be helpful when it comes time to make a donation. “A letter of eligibility is only required for an application in our market,” Kaderabek said. “Sellers are smart and don’t want to sign a contract with a buyer who can’t do the work on the contract. It’s one of the first questions we ask a potential buyer: Have you met with the lender and determined prequalification? If not, we advise the lenders about the options. If so, we also ask for a copy of the pre-qualification letter.”
Getting pre-approved is the next step, and it’s more involved. “Pre-qualification is a good indicator of creditworthiness and loan-ability, but pre-approval is the final word,” Kaderabek said. The borrower must complete a formal loan application to be pre-approved and provide the lender with all necessary documents to perform a comprehensive credit and financial check. The lender will then provide a pre-approval up to a specified amount.
Reviewing the pre-approval process also gives a better idea of the interest rate to be charged. Some lenders allow borrowers to lock in the interest rate or charge an application fee to get pre-approved, which can be several hundred dollars.
Lenders will provide a conditional written commitment to a specific loan amount, allowing borrowers to look at homes at or below that price point. This gives borrowers an advantage when dealing with a broker because they are one step closer to getting a real loan.
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The advantage of completing both steps – pre-qualification and pre-approval – before looking for a home is that it gives an idea of how much a borrower will need. This prevents wasting time looking for expensive properties. Getting a loan pre-approved also speeds up the buying process itself, and tells the seller that the offer is serious in a competitive market.
The borrower provides the lender with a copy of the purchase agreement and any other documents required as part of the full underwriting process after the home is selected and the offer is made. The lender hires an approved or licensed third-party contractor to perform a home inspection to determine the home’s value.
Your income and credit profile will also be checked to make sure nothing has changed since the initial approval, so it’s not time to go out and pay for a big furniture purchase.
The final step in the process is the mortgage bond, which is only issued by the bank after it has approved the borrower and the home in question – which means the property has been appraised at or above the sale price. The bank may also require additional information if the appraiser brings up something that should be investigated, such as structural problems or a faulty plumbing system.
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Getting qualified and pre-approved for a mortgage gives potential home buyers a good idea in advance of how much house they can afford. But most sellers will be more than willing to negotiate with those who are pre-approved. Pre-approval also allows borrowers to close on a home faster, giving them an edge in a competitive market.
None. Remember that you don’t have to buy at the top of your price range. Depending on the market, you may be able to get into the home you love for less than you were approved for, giving you more money each month for retirement, the kids’ school, or a check in your bucket. list.
Pre-qualification versus pre-approval are two different things. Prequalification means that the mortgage institution has reviewed the financial information you have provided and believes that you will qualify for the loan. A pre-approval is the second step in the loan process, which is a conditional commitment to lend you a mortgage loan.
Not always, but it can help convince sellers and their agents that you are a serious buyer who will be able to get a loan without any problems.
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