Home Loan Pre Approval Chase – Most property buyers have heard that they must be pre-qualified or pre-approved for a mortgage if they want to buy a property. These are the two main steps in the mortgage application process. Some people use the terms interchangeably, but there are important differences that every home buyer should understand. Pre-qualification is only the first step. It gives you an idea of how much of a loan you will qualify for. Pre-approval is the second step, actually a conditional mortgage commitment.
“The prequalification process is based on data provided by the consumer,” said Todd Kadrabek, an associate housing broker at Beverly-Hanks Realtors in downtown Asheville, North Carolina. “Pre-approval is verified customer data – for example, a credit check.”
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Getting prequalified involves providing the bank or lender with an overall financial picture, including debt, income, and assets. The lender checks everything and gives an estimate of what the borrower can expect. Pre-qualification can be done over the phone or online and usually comes at no cost.
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Pre-qualification is quick, usually it only takes one to three days to receive your pre-qualification letter. Please note that loan prequalification does not include an analysis of credit reports or an in-depth look at the borrower’s ability to purchase a home.
The initial pre-qualification stage allows you to discuss any mortgage goals or needs. The lender will explain the different mortgage options and recommend the type that may be the best fit.
Mortgage discrimination is against the law. If you believe you are being discriminated against because of your race, religion, gender, marital status, use of public assistance, nationality, disability or age, you can take action. One such step is to file a report with the Consumer Financial Protection Bureau or the US Department of Housing and Urban Development (HUD).
The re-prequalified amount is not a certainty as it is based solely on the information provided. This is only the amount that the borrower can expect. A pre-qualified buyer doesn’t have the same weight as a pre-approved buyer who has been vetted more thoroughly.
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Pre-qualification can still be helpful when it comes time to bid. “In our market, a pre-qualification letter is required for an offer” – said Kadrabek. “Sellers are smart and don’t want to sign a contract with a buyer who can’t fulfill the contract. This is one of the first questions we ask a potential buyer: Have you met with the lender and determined your prequalification status? ? If not, we advise lenders of alternatives. If so, we ask for a copy of the pre-qualification letter and proceed to submit it.
Getting pre-approved is another step that is more complex. “Pre-qualification is a good indicator of creditworthiness and borrowing capacity, but pre-approval is a more specific term,” Kadrabek said. The borrower must complete an official mortgage application to receive pre-approval, as well as provide all necessary documents for the lender to conduct an extensive credit and financial check. The lender will then offer pre-approval up to a certain amount.
Going through the pre-approval process also gives you a better idea of the interest rate to be charged. Some lenders allow borrowers to lock in the interest rate or charge a pre-approval application fee, which can be as high as several hundred dollars.
Lenders will commit in writing to a specific loan amount, allowing borrowers to find homes at that price level or lower. This gives borrowers an advantage when dealing with the seller as they are one step closer to getting an actual mortgage.
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The advantage of completing both stages – pre-qualification and pre-approval – before looking for a home is that it gives the borrower an idea of how much to spend. This prevents wasting time browsing very expensive properties. Getting pre-approved for a mortgage also speeds up the actual buying process by telling the seller that the offer is serious in a competitive market.
The borrower provides the lender with a copy of the purchase and sale agreement and other documents required as part of the full underwriting process after selecting a home and submitting an offer. The lender hires an external certified or licensed contractor to appraise the home to determine its value.
Your income and credit profile will be rechecked to make sure nothing has changed since pre-approval, so this is not the time to finance a large furniture purchase.
The final step in the process is a loan commitment, which is only issued by the bank if it has approved the borrower as well as the home in question – that is, the property’s valuation or sale price is higher. The bank may also require additional information if the appraiser identifies something that should be investigated, such as structural problems or a faulty HVAC system.
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Getting pre-qualified and pre-approved for a mortgage gives potential homebuyers a good idea in advance of how much home they can afford. But most sellers will be more willing to negotiate with those who are pre-approved. Pre-approval also allows borrowers to close their home faster, giving them an edge in the competitive market.
Not. Remember, you don’t have to buy at the top of your price range. Depending on the market, you can get into a home you love for less than you’re approved, with extra cash set aside each month for retirement, kids’ college funds, or just checking something in your bucket. list.
Prequalification and preapproval are two different things. Pre-qualification means that the mortgage lender has reviewed the financial information you provide and believes you are eligible for a loan. Pre-approval is the second step in the loan process, which is a conditional commitment to borrow money for a mortgage.
Not always, but it can help convince sellers and their agents that you are a serious buyer who will most likely get a mortgage without any problems.
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When you are about to buy a new home, you want to be completely clear about the terms you are agreeing to.
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