The Basics Of Mortgage Pre Approval
Mortgages are home loans that allow buyers to purchase a home that they otherwise wouldn’t be able to afford. Typically mortgages run over a long period of time, such as a 30 year period. Some banks offer pre approved mortgages to customers looking to purchase a home. A California pre approval mortgage generally states that a potential borrower meets that qualifications for a specific loan amount from that specific lender. Pre approval is based on a number of factors, such as your debt-to-income ratio and your ability to make your payments in a timely manner. Pre approved mortgages are particular to the lender that you are borrowing from. If you get pre approved by one bank, it doesn’t necessarily mean you are pre approved for a mortgage from other financial institutions, although other institutions may acknowledge the pre approval letter.
Just because you received pre approval, doesn’t necessary mean that you will actually obtain the home loan. Lenders will still look to verify your information, in addition to asking you to fulfill specific conditions even after handing out pre approved mortgages. Getting pre approved allows you to find out the particular amount that your lender is willing to provide you with, so that you can find a home in your market range. Most lenders now provide secure online mortgage pre approval so that you can get the process done online.
At EZ Online Mortgage, we specialize
in California pre approval mortgages. We provide our clients with the help
that they need in order to purchase the home of their dreams. When it comes
to secure online mortgage pre approval, we’re ready to check your application
and see if you qualify. Our process allows you to get a preapproval letter
in a matter of minutes, while traditionally the process takes 24 to 48 hours.
You can easily print or share your EZ Online Mortgage pre approval letter.
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