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  2. Prequalified vs. preapproved: What’s the difference? - AOL

    www.aol.com/finance/prequalified-vs-preapproved...

    While there are differences between getting preapproved vs. prequalified, both processes usually involve credit checks: a soft check for prequalification and a hard check for preapproval.

  3. Mortgage prequalification vs. preapproval: Which is best? - AOL

    www.aol.com/finance/mortgage-prequalification-vs...

    Lenders may differ in how they use the terms, but a mortgage preapproval is generally the more thorough and helpful in determining how large of a mortgage you can get. Mortgage prequalification vs ...

  4. Mortgage prequalification vs. preapproval: How to time these ...

    www.aol.com/finance/mortgage-prequalification-vs...

    Preapproval: What it is and how it works. Preapproval is a much more comprehensive process than prequalification. Mortgage preapproval is a lender's conditional commitment to offer you a specific ...

  5. Pre-qualification - Wikipedia

    en.wikipedia.org/wiki/Pre-qualification

    In a mortgage context, pre-qualification denotes a process that has not yet been underwritten by the lending institution. Typically, subprime lenders will allow 50% DTI. . Common monthly debts used for calculating DTI are mortgage (or new mortgage payment), auto payment(s), minimum credit card payment(s), student loans, and any other common monthly or revolving debt that is on the applicant's ...

  6. Pre-approval - Wikipedia

    en.wikipedia.org/wiki/Pre-approval

    In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.

  7. Letter of understanding - Wikipedia

    en.wikipedia.org/wiki/Letter_of_understanding

    A Letter of Understanding (LOU) is a formal text that sums up the terms of an undertakings of a contract which may have been negotiated up to this point only in spoken form or otherwise informally. It reviews the terms of an agreement for a service , a project or a deal and is often written as a step before a more detailed contract is issued.

  8. What is a mortgage proof of funds letter? - AOL

    www.aol.com/finance/mortgage-proof-funds-letter...

    Preapproval letter vs. proof of funds letter. A preapproval letter and a proof of funds letter are two separate documents, but they’re both important when buying a house. Before you can get a ...

  9. Learning more about your loan options: Although prequalification is not as formal of a process as preapproval, it gives a borrower the opportunity to provide some information to a lender on their ...