You would be wise to get pre-approved for a mortgage before you begin looking for a home to buy.
A mortgage pre-approval based on current income and credit data will let you know whether you qualify for a mortgage. Just because you are pre-approved for a home loan does not guarantee that you will be approved when you make an offer on a house.
You’ll be given an approval limit once you’ve submitted the appropriate documentation and your lender has reviewed it. You’ll be able to figure out precisely how much you can comfortably spend on a home. You can then focus on properties that are within your budget and avoid being disappointed. In a pre-approval letter, you will find information about the loan term, interest rate, and amount.
It’s important to note that pre-approvals have expiry date. Usually, they’re only good for about 90 days, though in some situations they can be longer. Once they expire, you’ll need to re apply to get a fresh pre-approval. Knowledge is priceless, get yours here!
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