Pre-Qualification is the first step when you thinking of purchasing a home. It is important to get pre-qualified so that you can determine: What price range of homes can I afford?
· A pre-qualification is an estimate’ of what you can afford. The lender asks you a few basic questions, some of which may include questions about your credit. However, the lender does not pull your credit report. You can get a pre-qualification from several lenders and your credit would be unharmed.
Choosing the right mortgage can be as tricky as finding the right home. You can shop around for the lowest closing costs and the best rate if you are willing to share your personal information with multiple lenders. Mortgage pre-qualification has no impact on your.
A pre-qualification for a mortgage is basically an opinion by a lender, provided as a letter or a certificate, that states that they believe a potential borrower will be able to qualify for a loan. The lender bases their opinion upon credit, employment, income, debt, and asset information provided by the potential borrower.
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meeting. One of our friendly Mortgage Loan Officers will work with you to find the best option for you. For questions or to make an appointment, please call (501)332-6955 or your nearest mnb location. mortgage pre-qualification form Name Co-Borrower Name Street Address City, State, Zip Home Phone Work Phone E-mail Address Is Borrower Self Employed?
Monthly Housing Expenses. Other Monthly Expenses: The amount you entered for other monthly payment obligations. total Monthly Expenses: The sum of your total monthly housing payment and other monthly expenses. It generally exceed 36% of your gross monthly income for pre-qualification purposes. These figures are guidelines.
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There’s not a lot of difference between a prequalification letter and a preapproval letter. While there are some legal distinctions, in practice both terms refer to a letter from a lender that says the lender is generally willing to lend to you, up to a certain amount and based on certain assumptions.
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