This section of the Mass Mortgage Buddy will provide you insight on what to expect when working on your mortgage pre-approval.
What exactly is getting pre-approved and how does it differ from being pre-qualified? Being pre-qualified is a quick exercise where the potential home owner discusses their financial situation with their loan officer, or fills out a quick online form. The information is not verified. A Pre-approval is a more comprehensive analysis and review of the borrowers credit score, income, assets, liabilities and financial documents. Pre-approvals should be done before you begin looking for a new home.
A pre-approval letter will give you confidence that you will be able to buy the home you find. It also indicates to both sellers and real estate agents that you are a serious buyer.
This section explores in depth questions such as “What do banks take into consideration when pre-approving a borrower?”, “How can I improve my chances of obtaining a mortgage pre-approval?”, and “How much can I borrow”. The Mortgage Buddy will tell you some common mistakes people make when looking for mortgage financing.
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