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· The initial pre-qualification step allows you to discuss any goals or needs you may have regarding your mortgage with your lender. At this point, a lender can explain your various mortgage options and recommend the type that might be best suited to your situation.
Unlike pre-qualification, preapproval requires proof of your debt, income, assets, credit score and history. To get preapproved, you’ll supply documentation such as pay stubs, tax records and proof of assets. Once the lender verifies your financial information,
A pre-qualification is a basic review of your finances to. Most lenders use an AUS to pre-approve a borrower. You still need to provide some information, but the system takes your word for most of it.
Spring is right around the corner and with the warmer air comes the thought of buying a new home. Before you begin that journey and get all caught up in the thoughts of kitchen appliance finishes,
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PRE-QUALIFICATION. Our skilled, experienced loan consultants can also provide you a free mortgage pre-qualification service; it roughly helps you know if you can borrow and how much you can borrow to buy your new home. After using your basic financial information we can provide you with an estimate for your home loan.
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· Pre-qualification is a process where a lender estimates how much a borrower might qualify for. The lender will ask for your income, total debt amount, credit score and total assets, then decide on a tentative number.
· SoFi Mortgage is an online lender that has an excellent pre-qualification process, but everything else is very traditional. Combine that with minimal loan choices, higher rates, and poor customer service, and this isn’t a lender I would recommend.
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