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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 ...
When you apply for preapproval, the mortgage lender will perform a hard credit pull to check your credit history. This will temporarily lower your credit score by a few points.
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The mortgage isn’t a done deal until the loan goes through underwriting and the lender confirms the information in your application. If there are discrepancies, your loan terms could be modified ...
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process.
Being prepared with the documents needed for mortgage preapproval will help make the process go more smoothly and quickly. Documents for mortgage preapproval Pay stubs from at least the past 30 days
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