Real Estate Word of the Day: Pre-Approval
Posted by Tom Crimmins Realty on
Real Estate Word of the Day: Pre-Approval
A pre-approval is essentially a lender's conditional commitment to provide you with a mortgage loan of a specified amount based on your financial situation and creditworthiness. It's different from pre-qualification, which is a more informal assessment of your finances.
To obtain a pre-approval, you'll need to submit an application to a mortgage lender or broker, such as our preferred lender Think Mortgage. They'll review your income, assets, credit history, and other financial information to determine how much they're willing to lend you.
One of the most significant benefits of getting pre-approved is that it gives you a clear understanding of your budget. Knowing how much you can afford helps…141 Views, 0 Comments