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what is mortgage pre approval

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Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount-basically, the stamp of approval that you have the money, credit history, and.

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Although, to a typical consumer, "you’re pre-approved" means "you already passed the approval process and therefore are guaranteed to be immediately granted the loan if you apply," the literal meaning is different. The literal meaning is "at a stage before approval."

Mortgage pre-approval is basically a promise from the lender that you’re qualified to borrow up to a certain amount of money at a specific interest rate, subject to a property appraisal and other requirements. With this meaningful promise, you’ll be likely to get the home you deserve due to your creditworthiness.

As you prepare to apply for a mortgage, you'll come across terms like ” prequalification” and “preapproval”. It's important to understand what these terms mean.

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Mortgage pre-approval is a more significant milestone in the process because a lender is actually checking your credit and verifying your financial information. If you’re pre-approved, a lender is making an actual commitment (subject to conditions such as a property valuation) to loan you money.

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Your mortgage preapproval is often considered the first step in the mortgage process. Use prequalification from multiple lenders to get an idea of possibilities and terms. After you settle on one lender or broker, you can fill out the application for preapproval. Documents needed for mortgage preapproval

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