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Pre-approval means that as long as everything required for the loan is met you will reciceve the loan you requested. Things like verifying your income, tax returns etc.

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โˆ™ 2005-11-07 03:08:11
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Q: What does pre-approval for a home loan mean and does the lender think you will get the loan?
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Related questions

How do you get finance for buying property at auction?

Just contact your lender and get a preapproval letter for the amount you can get lending for. then obtain your loan once the auction is final.


What is a "preapproval" ?

When a borrower has a lender check their credit and verify their income, thus providing assurances that they would be able to get a loan up to a certain amount.


How soon can you get a home loan after you have had a foreclosure?

Each lender is different. Contact the lender of your choice for that lender's policy.


What is the different between having a home loan preapproved and prequalified?

A preapproval on a home loan is a simple letter stating that you make enough income to purchase a certain price amount on a house. Prequalified means that you have actually qualified for the loan to buy.


What does one need to get approved for a home lender loan?

To get approved for a home lender loan you need to do the following things: fill out an application for the loan with valid and honest personal information, have a stable income, and a solid credit history.


Where can one find a home improvement loan lender?

One can find a home improvement loan lender on various websites like Zillow and Nationwide. One could also visit a local bank and ask if they have any home improvement loan lenders.


How does one refinance a home loan?

Refinancing a mortgage can sometimes save money in the long run. Many times the original lender can modify the loan. Other times borrowers can find a new lender to purchase the loan from the original lender.


Is a home equity loan considered an unsecured loan?

No. A home equity loan, also known as a second mortgage, uses your home as security. If the loan is not paid back, the lender may go after your home.


How long does the lender has to redisclose on a home equity loan?

How long does a lender have to re-disclose to the consumer after a change in circumstance?


What is the difference between A variable rate home loan and a fixed rate home loan?

The lender can change the rate on a variable rate loan. A fixed rate stays the same for the life of the loan.


Where can one get a home loan preapproval?

Realtor online is a website devoted to those wishing to find and purchase properties. This website has information on finding and applying for pre-approved loans for home buyers.


Can someone that has a home equity loan with a co-signer just sign the loan over to the co-signer?

No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.No. A home equity is a mortgage and the lender owns the mortgage. The borrower cannot make any changes in the terms. Whoever signed the mortgage is responsible for paying the loan. If the loan isn't paid the lender will take possession of the property by foreclosure.


What are the borrower's rights when a lender is requesting additional new documentation on the fourth day after the closing and has not funded the loan?

Not many..A loan is not closed until it has funded..Apparently in your case, you are not dealing with an aboveboard lender or mortgage broker..Unless you do what the lender wants, you will not get the loan..Remember..He/She who has the $$$ makes the rules..After a home loan has closed, a lender can ask you to help correct documentation, but can not change the terms of the transaction.


What does the Minority Prequalification Loan Program do?

the Minority Prequalification Loan Program assists qualified minority-owned, for-profit companies to obtain preapproval for a 7(a) loan guaranty.


Where can one get a fixed rate home equity loan?

One can get a fixed rate home equity loan using a real estate values website to figure the value of their home. Then one has to apply for the loan with their lender.


Can you deed your home over and keep your name on the loan?

You need to notify the lender of any changes in ownership. They will then call in the loan.


How do I go about getting pre-qualified for a home loan ?

Prequalifying for a home loan is a good way to get started on looking for a house to purchase. If you are looking to get prequalified talk with your home loan lender, whether it is your bank or a separate company.


Can you pay off your auto loan to the lender?

Yes when you pay off your auto loan the payment should be made to the lender. In fact all auto loan payments should be made to the lender who financed the loan.


What is a private loan lender?

A private loan lender is a lender that is acting on behalf of a privately owned organization or business, as opposed to a government regulated or non profit lender.


Who can provide Loan Modification Success?

No one can guarantee that your home loan modification will be a success. It ultimately depends on your Lender as to whether or not they choose to modify your loan. However, if you provide your Lender with all of the documentation that they require, in the manner that they need it, then your chances of a successful loan modification will be greatly enhanced.


What are some items needed when going to apply at a commercial loan lender?

Some items that are needed when going to apply at a commercial loan lender are your loan application, and a resume. These items are essential when applying at a commercial loan lender.


Can creditors take your second home in new york?

Should you default or become delinquent on any credit line/loan, the lender has the right to repossess your assets, regardless of whether it is your first home or fifth home. This can vary from lender to lender, and can only be confirmed in the agreement you signed with your lender. In general, yes, they can; contact your specific lender for confirmation.


What is a non purchase money loan?

A purchase money loan is a loan usually used to buy a home. A non purchase money loan is a loan for other reasons where the lender does not know what is being bought.


Do the same rules apply to the voluntary repo of a mobile home?

Basically. YES. You decide you cant pay, you tell the lender you are moving, you move out, lender sells home(not as quik as a car), lender wants balance due on the loan.


What is the difference between a collateral loan and a home equity loan?

OFFHAND I WOULD SAY THERE IS NO DIFFERENCE. WITH A HOME EQUITY LOAN, THE COLLATERAL THAT YOU OFFER TO THE LENDER, IS YOUR HOME. WITH A COLLATERALISED LOAN, YOU PUT UP SOME OTHER ITEM THAT YOU OWN, MAYBE A CAR OR STOCKS OR BONDS IN ORDER TO OBTAIN A LOAN.

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