a lender's analysis of you as a borrower without specific property information
a letter telling you that a mortgage lender will lend you a certain amount of money to buy a home, subject to a property appraisal and other stated conditions
The process by which a broker submits your package to a lender prior to your finding a home to purchase, and gets an approval to make the loan subject to finding an appropriate property. This is much more convincing to a seller than a prequalification.
The process of determining how much money you will be eligible to borrow before you apply for a loan.
The status issued to indicate that a borrower has met the lender's underwriting credit criteria and a conditional loan approval has been made. The conditional approval expires after 180 days and is subject to verification or receipt of additional information. If you need to supply additional information, you will be notified via telephone or mail. Once all closing conditions and lender requirements are satisfied and the loan documents have been signed and returned, the loan will receive final approval.
Where you actually apply for a loan before you have found the house you want to buy. Then lender guaranteed you a fixed loan amount as long as you buy withing a certain time period.
A commitment by a lender to make a loan prior to the identification of a specific property. It is designed to make it easier to shop for a house. Unlike a prequalification, the lender checks the applicant's credit.
The process of determining how much money a prospective homebuyer will be eligible to borrow. At this stage a borrower's credit history is checked. A preapproved potential borrower has more chances to get a mortgage loan than a prequalified one.
Mortgage preapproval specifies the actual amount a buyer is preapproved by a lender to borrow before a house is purchased. The buyer has to apply and qualify for the mortgage. Preapproval allows the buyer to negotiate like a cash buyer. Even if the buyer is not granted preapproval status, it's a helpful step to take, as it illuminates existing problems in securing a loan and allows the buyer to take steps toward resolving them.
A lender's certification that a potential borrower is qualified for a mortgage loan even if the borrower has not found a specific property to purchase. You may be preapproved for a WHEDA mortgage loan directly from this website. Get ready for home shopping by being preapproved online today
A detailed evaluation that mortgage brokers use to determine how much money they may be able to borrow. The preapproval process reviews the borrowers financial statements, credit and debts. A preapproval letter strengthens the borrowers position when presenting an offer to purchase, because it shows the seller the borrowers seriousness and creditworthiness.
A process whereby a potential home buyer secures a guaranteed mortgage approval before making an offer on a house. A lending institution guarantees in writing to grant a loan for a specified amount. Not to be confused with prequalification. ( See the full article on preapproval.)
To receive pre-approval for a loan, the lender completes a thorough assessment of your ability to pay for a home, and confirms the amount you can borrow. However, you must complete the loan application to close the loan.
A process -far more rigorous than prequalification -that mortgage lenders use to determine how much money they'd lend you based upon a thorough review of your financial situation. Getting a preapproval letter strengthens your negotiating position when you're buying a home, because it shows the sellers your seriousness and creditworthiness.
the process of completing the loan application, running the credit report, and collecting all documentation on the borrower, the borrower is then “approved” by the lender for a specified amount, subject to making an offer on a property and approval of the property (appraisal, etc.)
When a lender commits to a loan before the borrower finds a property to buy. Even if you haven't found a property, some lenders will give you a written preapproval on a loan. The benefits to getting a preapproval are: (1) you know exactly what you can afford to offer for a home (2) you show a seller and your realtor how serious you are about buying a home and (3) you'll sleep better at night. To get a preapproval, you have to fill out a standard loan application called a 1003. Keep in mind that you the lender can only guarantee (lock) the loan's interest rate once you've found a property.
