580 Home Loans Congresswoman Eddie Bernice Johnson today joined tbk bank and the federal home loan bank of Dallas (FHLB Dallas) to award $17,000 in Partnership Grant Program (PGP) funds to 2ndSaturday Community.
Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage. Don’t get too excited just yet: There’s lots to do before you actually get the loan. Securing a pre-approval is the first step of the home buying process .
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A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.
Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a certain loan amount-basically, the stamp of approval that you have the money, credit history, and.
Getting a mortgage pre approval can put you ahead of other buyers and speed up the mortgage process, helping you secure your dream home. find out how to .
During the pre-approval phase, one of the best things to do is to gather up documents needed for mortgage pre-approval. Anything you can do, to prepare in advance, will reduce the stress when you find the right home and make an offer.
With pre-approval, you will receive a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level.
Pre-approval shows you have the resources to make the purchase and it helps you act quickly when you find the perfect home. From the sellers’ point of view, a pre-approved buyer is more attractive than someone who says they can buy a house but have nothing but their word to back up their offer. By proving you have your bank’s backing, a mortgage pre-approval could help you negotiate on price – and it may be a deciding factor for sellers who receive multiple bids.
While it may seem obvious that you need to keep paying your bills during the period between a mortgage pre approval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.. Getting preapproved for a mortgage is no easy task, so the last thing you want to do is lose sight of your finances after you have been preapproved.