Mortgage pre-qualification is the first step you should take once you have decided to buy a home. The process forces you to look at your finances and decide what you really can afford to spend on.
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Pre-qualification is often seen as the first step in the mortgage process, and pre-approval is the next step. With pre-qualification, you’ll supply an overview of your financial history to the lender, including income, assets, debts, and credit score.
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how long does it take to get a mortgage prequalification approval?. So if you are a W2 employee with stable work history and good credit we usually get them done within 24 hours and in most cases a few hours.. but it does not take that long to obtain a mortgage pre-approval. Please feel free to call me if you would like further assistance.
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A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount (usually for a particular time period such as 90 days).
On a fixed-rate loan, the interest rate doesn’t change over the life of the loan. An adjustable-rate mortgage (ARM) has an interest rate that is fixed for a set number of years and then afterwards will go up or down based on a market index such as the LIBOR.
Before completing a mortgage application or even strolling through an open house, you’ll want to know these things: Your monthly income. The sum of your total monthly debt payments (auto loans, student loans and credit card minimum payments) Your credit score and any credit issues in the past few years.
5 Common Misconceptions About Mortgage Pre-Qualification – Often confused with a loan pre-approval, the pre-qualification is an estimate of how large a mortgage you can afford based on your financial situation over the past two years.
The Pennsylvania Housing Finance Agency (PHFA) provides mortgage money for first time homebuyers and non-first time homebuyers. PHFA also has a closing cost and down payment grant program. Many Pennsylvania counties offer home loan programs and/or down payment and assistance grant programs to first time home buyers