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Advantages Of Mortgage Pre-Approval


There are several advantages to getting mortgage pre-approval before looking for a home.

Being pre-approved for a loan lets you know how much you can borrow towards a home, your agent can help you find a home within the loan amount you're pre-approved for, and a seller of a home is more likely to accept your offer than someone who has not been pre-approved for a loan yet.

Your lender will review your credit, financial, and employment information during the mortgage pre-approval process after you fill out an application.

Once you qualify for a loan, you will receive a mortgage approval letter. It will contain a maximum loan amount you're approved for and how much time you have to use the loan. This is your bank's guarantee of the amount they will lend you toward the purchase of a home.

When you are ready to negotiate a price for a home, the seller will be more willing to accept your offer because you already have financing available. A seller would be more reluctant to accept an offer from someone who doesn't have the money yet to buy the home, because the offer can fall through if the buyer can't come up with the money at the time of closing.

The advantages of having mortgage pre-approval puts you in a better position to look for houses that you can afford because you already know how much money you can borrow and you already have financing in place when negotiating a price for a home.

Michelle Roebuck provides mortgage and home buying advice for people with bad credit at http://www.find-bad-credit-mortgage-loans.com.Sign up for her newsletter at http://www.find-bad-credit-mortgage-loans.com/newsletter.html.


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Nairametrics

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Nigeria Mortgage Refinance Company (NMRC) has announced the completion of an N11 billion 13.8 percent Series 2 Bond Issuance under its N440 billion Medium Term Note Programme. According to the Managing Director, NMRC, Kehinde Ogundimu, the ...



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In a market with rising interest rates, the pool of mortgage refinance applications dries up, making purchase and HELOC business all the more important – and all the more competitive. Credit unions that aren't already getting themselves into a ...



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National Mortgage News

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The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November ...

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CNBC

Mortgage refinance applications surge 9 percent as rates fall back
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Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

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Bankrate.com

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When mortgage rates are low, you can cut your monthly house payment by refinancing into a better interest rate. If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your ...

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Military Times

Feds restrict 2 more lenders in fight against VA 'loan churn'
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Regulators have taken action against two more lenders in their efforts to curb alleged “loan churning” practices of VA home loans that harm military and veteran ...

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Mortgage refinance share jumps 5% despite rising interest rates
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The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae. The share of FHA refinances increased three percentage points ...

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