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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 ...
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 ...
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.
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.
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 ...
Key takeaways. A mortgage prequalification lets potential homebuyers know how big of a loan they can qualify for. Prequalification is faster and easier to get than preapproval.
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