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"Pre-approved" means that a lender has reviewed your financial information and determined that you are likely to qualify for a mortgage loan up to a certain amount. It is not a guarantee of final approval, but it shows that you are a strong candidate for a mortgage.

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6mo ago

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What are the benefits of applying for a preapproved loan?

Applying for a preapproved loan can save time, help you negotiate better terms, and give you a clearer idea of your budget when making a purchase.


Can you get approved for a mortgage loan with a FICO score of 517?

Yes, you can get approved with a 517 FICO for a mortgage loan; however the terms of the loan may be far worse than if you are able to work on improving your credit score first. Everyone has to start somewhere!


How can I go about porting my mortgage to a new property?

To port your mortgage to a new property, you will need to contact your current mortgage lender to discuss the process. They will assess your eligibility and the terms of the new property. If approved, they will transfer your existing mortgage to the new property, adjusting the terms as necessary. Be prepared for potential fees and paperwork during the porting process.


How to port a mortgage to a new property?

To port a mortgage to a new property, you need to contact your lender and request a mortgage porting. The lender will assess your eligibility based on your financial situation and the new property's value. If approved, the lender will transfer your existing mortgage to the new property, with potential adjustments to the loan amount or terms.


What is the loan procedure for obtaining a mortgage?

The loan procedure for obtaining a mortgage involves applying for a loan with a lender, providing financial information and documentation, undergoing a credit check, getting pre-approved, finding a home, getting the home appraised, finalizing the loan terms, and closing on the mortgage.

Related Questions

What are the benefits of applying for a preapproved loan?

Applying for a preapproved loan can save time, help you negotiate better terms, and give you a clearer idea of your budget when making a purchase.


Can you get approved for a mortgage loan with a FICO score of 517?

Yes, you can get approved with a 517 FICO for a mortgage loan; however the terms of the loan may be far worse than if you are able to work on improving your credit score first. Everyone has to start somewhere!


How can I go about porting my mortgage to a new property?

To port your mortgage to a new property, you will need to contact your current mortgage lender to discuss the process. They will assess your eligibility and the terms of the new property. If approved, they will transfer your existing mortgage to the new property, adjusting the terms as necessary. Be prepared for potential fees and paperwork during the porting process.


Can chapter13 mortgage payments be modified?

Chapter 13 mortgage payments can be modified. The trustee must agree to new terms before a modification can be approved. However, a lender can object and appeal the modification.


Does having a sizeable government pension effect your ability to obtain a mortgage after BK?

How long ago was the BK discharged? If more than 6 months, then you should have zero problems. Besides, it doesn't take much to get approved for a mortgage. However, just be wary of the terms of the loan you'll be approved for.


How to port a mortgage to a new property?

To port a mortgage to a new property, you need to contact your lender and request a mortgage porting. The lender will assess your eligibility based on your financial situation and the new property's value. If approved, the lender will transfer your existing mortgage to the new property, with potential adjustments to the loan amount or terms.


What is the loan procedure for obtaining a mortgage?

The loan procedure for obtaining a mortgage involves applying for a loan with a lender, providing financial information and documentation, undergoing a credit check, getting pre-approved, finding a home, getting the home appraised, finalizing the loan terms, and closing on the mortgage.


How can I refinance my mortgage through a credit union?

To refinance your mortgage through a credit union, you can start by contacting the credit union and inquiring about their mortgage refinancing options. They will guide you through the application process, which typically involves submitting financial documents and undergoing a credit check. If approved, the credit union will offer you a new loan with better terms to replace your existing mortgage.


How do I refinance my mortgage?

To refinance your mortgage, you need to apply for a new loan with better terms than your current one. This involves gathering financial documents, choosing a lender, and going through the application process. If approved, the new loan will pay off your existing mortgage, and you'll start making payments on the new loan.


What does LP mean in the mortgage industry?

What does LP menas in mortgage terms


What do you do when your home is being foreclosed upon?

Either attempt to renegotiate the terms of your mortgage with your lender or file for bankruptcy.


Can a lender change the terms of a mortgage deed?

change mortgage from tic to jtwrs