A no obligation mortgage that allows you to search the market place in confort knowing what mortgage amount you qualify for. It also locks in the rate for 90 to 120 days which also gives you the peace of mind that if rates go up in the time it takes to find your new home, you will still be ensured a low rate.
a conditional approval of your mortgage request
a Free and No-Obligation deal that lets you know before you go looking for your home or signing an offer to purchase, how much you can afford to borrow based on your qualification and personal credit rating
a preliminary approval by a lender of your application for a mortgage to a certain maximum amount and rate
a preliminary approval of your application to a maximum amount at a fixed rate
Qualifies the buyer for a mortgage before you start shopping for a home so you’re aware how much you can spend.
A mortgage for which a lender approves the terms of before the borrower has actually selected a property to purchase. (see Mortgage)
Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a firm offer when you find the right home.
Qualifies you for a mortgage amount before you start shopping.
When a lender approves the potential mortgagor for a specified amount, based on how much money the lender is prepared to lend to the borrower. This allows buyers to shop for homes that they already know they can obtain financing for and not homes that are potentially too expensive, or out of the borrowers means to finance.
A commitment from a lender to provide a mortgage loan on stated terms to a borrower before the borrower has found a property to buy. The pre-approved mortgage allows the borrower to make a firm, cash offer on the property of choice.
Preliminary approval granted by the lender of the borrower's application for a mortgage to a certain maximum amount and rate. Often arranged prior to home-shopping, this option can help the purchaser establish an affordable price range.
Most lenders will pre-approve a mortgage for a set maximum amount prior to your finding a house. This option can help you establish an affordable price range.
Tentatively approved by a financial institution for a specified amount, interest rate and monthly payment.
A mortgage for a set maximum amount and interest rate that is arranged prior to the purchaser finding a house. Often arranged prior to shopping for a home, this option can help the purchaser establish an affordable price range. Also known as a pre-arranged mortgage.
Preliminary approval by the lender of the borrower's application for a mortgage to a certain maximum amount and rate. Usually conditional upon the property being purchased meeting the lender's criteria.
You can be preapproved for a mortgage before you find the house you want to buy. Preapproval means that income and credit meet the underwriting guidelines for the loan chosen. This approval is typically in writing and contains any necessary conditions to provide the final approval. Conditions (or stipulations) must be completed before your loan can be funded. This is the best way to find out exactly how much house you can afford - I strongly suggest this to any buyers, especially first time buyers.