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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 ...
Here’s a side-by-side comparison of mortgage prequalification vs. preapproval. Prequalification. ... While there are differences between getting preapproved vs. prequalified, both processes ...
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.
A preapproval will also come with a letter, but this time there will be a lot more detail, like your specific loan amount and interest rate, which will allow you to get a firm estimate of your ...
Mortgage prequalification is less formal and is essentially a way for a lender to tell you that you’d be a good applicant. Still, preapproval doesn’t guarantee you’ll get the mortgage.
Just as prequalification and preapproval are different, preapproval differs from actual mortgage approval too. Preapproval: Preapproval doesn’t guarantee you a loan; it’s just one step toward ...
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