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A pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information. Most pre-approval letters are good for 60 to 90 days.
What is involved with getting pre-approved?
In order to obtain a pre-approval letter you will need to contact a lender. You will typically be approved in 24 to 48 hours if you provide the lender with all the necessary paperwork.
Many people go through life thinking that they could never buy a home. Maybe they think they can’t afford it, or they think that their credit isn’t good enough. Perhaps the whole process of buying a home is just so daunting and complicated that they wouldn’t even think of dreaming of home ownership.
That’s where we come in!
We’re committed to show you everything you should be thinking about and doing at each point of the process. Sure, the process can still be difficult, stressful and draining, but at least you’ll know what to expect and understand what’s happening at every step along the way. You don’t have to rent forever if you don’t want to.
Before deciding whether to refinance, you need to determine what you want to accomplish. Remember, refinancing a mortgage doesn’t pay off the debt; it just restructures it, often at a lower interest rate and a different loan term than the current mortgage.
- Reducing the interest expense is the most common goal of a refinance. But some homeowners also appreciate the ability to extend the loan back out to 30 years, reducing the monthly payment.
- Debt consolidation is another goal of refinancing. If you have both a first mortgage and a home equity loan, combining the two mortgages into one fixed-rate mortgage levels out the payment over the loan term.
Buying A Home Process
Find A Lender
Get a better deal on your home mortgage by finding the RIGHT lender which provides you a competitive interest rate and GREAT service.
The first step to buying a house is getting pre-approved. A pre-approval is a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on application.
Keep your priorities in mind and enjoy the home search, as now is a good time to buy. Begin your search on Trulia, Zillow and Realtor.com before beginning the process with a realtor. Enjoy!
Close The Loan
The closing is the last step in getting your mortgage and actually becoming the owner of your new home. Congratulations, you’re now a home owner!