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- – Getting pre-approved for a home loan is the first step on your path to. A pre- approval means that a lender has given you a tentative commitment for a mortgage loan.. loan approval with the commitment to close on or before the close of. Saves Money: Getting pre-approved lets a buyer know what costs.
No matter what, you need to know what the bank will let you borrow before you start shopping for a house. in this scenario is that you shouldn’t have any trouble getting preapproved for a loan you.
When and Why Should I Get Pre-Approved For A Mortgage? – A mortgage pre-approval is when a lender gives their written commitment to a potential borrower. The mortgage pre-approval process is one in which a lender will obtain from the potential borrower their bank statements, tax returns for the past several years, verify.