Can You Get Prequalified With Multiple Lenders

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If you’ve decided to buy a home, the first step you should take isn’t necessarily to go online and look at listings or attend an open house. Before all this, you need to know an estimate of how much money you may be eligible to borrow from the bank to buy a house. This is called “mortgage pre-approval” and is really the first step you should take when buying a home.

Can You Get Prequalified With Multiple Lenders

Many new buyers are confused by the mortgage process. Here at Landmark Home Warranty, we always want to make buying and owning a home simple and easy, which is why we offer free coverage and comprehensive coverage for our new homeowners, as well as helpful guides like this one.

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When you are pre-approved for a mortgage, it means that the credit union or bank has reviewed your finances and credit score and written you a pre-approval letter. This letter states how much money they will lend you for a mortgage. This does not mean that it is a legally binding contract. There’s no guarantee that you’ll get this pre-approved rate, nor does it mean that if you find another company with better rates, you can’t get a loan from them instead. However, it is a physical document that can help you stand out when looking for housing.

Many first-time home buyers are confused as to why they need to be pre-approved for a home when there is no guarantee that the lender will actually lend to them. Getting pre-approved for a home purchase is useful for several different reasons:

When you are pre-approved, the bank will look at how much money you earn, credit score and other financial information. They will tell you how much they would be willing to give you for a mortgage. Having this information on hand and in a physical pre-approval letter can help you look at homes that are in that price range. Once you have a pre-approval letter, you can show your realtor what you qualify for and explain what you’re looking for, and your realtor can help you find something that’s best for you.

When you’re looking for a real estate agent, showing them your pre-approval letter and explaining what you’re qualified for will help them find something in your price range, but also reassure them that you’re a serious buyer. Including a pre-approval letter with your home offer can also set you apart from other candidates who may have placed an offer on the same home. A pre-approval letter will not automatically make you the best candidate, but it will show the seller that you are capable of buying their home and your offer will not go through.

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Before you can get pre-approved for a mortgage, you need to find a lender that you feel comfortable with and that will give you the best rates and term. It’s not an easy process and it will take time, but talking to several lenders will ensure you find the best one for you. Don’t just ask about their prices and terms. Talk to them about customer service and let them explain different processes that you may not be familiar with when you talk. You want to choose a lender that you feel comfortable with and that has excellent customer service. By the way, if you hire a mortgage broker to work with you during the home buying process, they can help you find the best rates and terms and work between you and the lender to make the process go smoothly.

While calling creditors, explain your financial situation; how much you earn in annual income, your debt each month, how much you want to pay in monthly mortgage payments, what kind and type of house you want to buy, etc.

After talking to a few different lenders, they will pre-qualify you for a home loan. This is not the same as prior approval. Read more about the differences between pre-qualification, pre-approval and mortgage loans here.

The lender will give you a rough estimate, based on how much you earn and what debt you have, of what you can expect to qualify for a loan.

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Once you’ve pre-qualified a few different lenders, you can compare their rates, terms and customer service. Choose the person you want to work with when buying a home. You may also have more than one pre-approval letter for different lenders. Remember that what you get pre-approved is not always the exact amount on the loan itself. Again, if you have a mortgage broker, they can help you find the best possible loans for you.

After you have selected one (or more) lenders to be pre-approved, the pre-approval process begins. The process is a bit more intensive and the lender will look at various aspects of your financial situation, including your credit report, to determine a more accurate term, interest rate and amount that you can qualify for a mortgage. When you are pre-approved, the bank sends you a pre-approval so that you can see homes in the right price range and include them in potential offers. Once your offer is accepted, to actually get a loan commitment or full approval, you’ll need to provide more financial information and the mortgage underwriters will put together a legal mortgage for you to sign. Again, this may not be the same as a pre-approval letter, but it also means you can continue your search for the perfect mortgage.

A lender will only pre-approve you if they can prove you have enough money to make mortgage payments each month. That means securing a permanent job. You can prove this to the loan officer by providing the last two years of your W2s, tax returns, or your last two paychecks. The lender may also call your work to verify your work.

Furthermore, the lender must ensure that you have enough money in the bank for an advance payment. These are your “assets” and you can prove you have the money to back them up with a screenshot of your account.

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The lender will like to know if you will pay off the mortgage on time. A credit report will help them determine if a mortgage lender trusts you enough to lend you a significant amount of money. A credit score of 580 is the cutoff for an FHA loan, while 720 is the score you need to get the best rates on a traditional loan.

The lender will need your passport or social security number, your driver’s license and your signature saying that you allow them to use this information to look up your credit report and create a pre-approval letter for you.

If you are denied, there could be a number of factors that could prevent you from being pre-approved. Here’s a flowchart of what can get you out of a mortgage pre-approval.

That’s all you need to get pre-approved for a mortgage! Of course, the entire home buying process is much longer than this short section, but once you’ve purchased your home, be sure to protect your systems and equipment with a home warranty. Any defects can be easily repaired and replaced for less than $100. Get more information and compare plans and prices here.

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Do you want to buy or sell a house? Are you a Realtor looking for helpful resources to educate your clients? These articles will help guide you through the process of buying or selling a home.

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