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  • For Students
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What is a Mortgage Pre-Approval?

By: Jase Stevens
Nov 5, 2018
If you are considering buying a home, one of the first questions that comes up is - how much can you afford? The last thing you would want to do is find a realtor, find and fall in love with a house that ends up being outside of your loan qualification. Often times, online calculators claim that they can tell you how much you can afford, but for most home buyers, what they end up qualifying for is often less than what their calculator "guessed". So what's the most accurate way to figure our your budget? Getting a pre-approval letter from a mortgage company.

What’s The Pre-Approval Process Like?
At Home Lenders USA, online verified pre-approval usually takes just a few hours. First, we'll ask you for some personal info including income, assets, debts, as well as a soft credit pull (this won't affect your credit score). We use a bank-level security platform to ensure your personal information is safe and secure. Next, our technology will instantly match you with the best mortgage options available based on the information you provided. What’s the end result? A free, no commitment pre-approval letter that gives you an accurate estimate of how much you can borrow for your future home.

Remember, the pre-approval soft credit pull doesn’t affect your credit score, so you can make as many pre-approval letters as you’d like. A mortgage pre-approval lasts 90 days because of industry regulations - but you can easily get pre-approved again if you run out of time. Ready to take the first step towards buying a home? Get pre-approved online with just a few clicks.

How To Use Your Pre-Approval Letter?
Your pre-approval letter is one of the most accurate ways to understand your house hunting budget without going through the entire mortgage process. If you are not satisfied with the estimated price range in your pre-approval, you can always schedule a free loan consultation with our staff to find out what steps you may take to qualify for your dream home in the near future.

Once you’re ready to make offers, you can include your pre-approval letter to show your agent and potential sellers that you’re serious about buying a home. You can even request from your dedicated accounts manager to design and send you a custom pre-approval letter for each house you're bidding on. The reasoning for this is often - you may want to get a pre-approval letter for less than your original pre-approved amount. That way, the seller doesn’t know you can afford more than what you’re offering.

Get a custom mortgage created with your bottom line always in mind

Get Pre-Approved Today
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