Get Pre Approved Fast with one of our Prefered Lender
Mortgage pre-approval is the process of determining how much money you can borrow to buy a home. To preapprove you, lenders look at your income, assets, and credit score and determine what loans you could be approved for, how much you can borrow, and what your interest rate might be.
Preapproval Vs. Prequalification
Preapproval Vs. Prequalification
are both ways of understanding how much you’ll be able to get approved for. There are some slight differences between these two processes, though some lenders use these terms interchangeably.
A mortgage prequalification is like a preapproval, but it may not be as accurate. With a prequalification, you won’t have to provide as much information about your finances, and your lender won’t pull your credit.
Without your credit report, your lender can only give you estimates. This means the approval amount, loan program and interest rate might change as the lender gets more information. Because a prequalification is an initial review of your finances, you usually don’t need to supply documentation (like bank statements and pay stubs) during this stage.
Preapprovals are more in-depth than prequalifications. When you get preapproved, you may be required to provide information or documents like bank statements and pay stubs to prove your income and the funds you’re using to get the loan. A preapproval will also require a hard credit check so your lender can get your credit score and see how much other debt you have.
Paulson Realiotrs Prefered Lenders
Paulson realtors Real estate agents have experienced professionals that can serve as a great source of knowledge. Many people only buy or sell a home a couple of times in their life and first-time buyers can often feel overwhelmed by the whole process.
Paulson Realtors agent will be very familiar with every aspect of buying a home, including getting a mortgage. They can probably provide referrals to for lenders. Some realtors will have a preferred lender that they can recommend to you. They might prefer that lender because they’ve built a good working relationship with the lending team. You can choose your own lender if you choose to do so.