5 minute read. The first step in the home buying process is to get pre-approved for a mortgage. Pre-approved is different than just pre-qualified. In this article we’ll break down the mortgage pre-approval process.
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.
Gone are the days of visiting multiple lenders to shop for the best rate. Instead, you can get a mortgage pre-approval online and compare multiple offers quickly and easily. Pre-Approval vs. Pre-Qualification. First of all, it’s important to understand the difference between a pre-approval and a pre-qualification.
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This is where online mortgage lenders come in. For the most part, these national lenders don’t have local offices. You’ll complete your pre-approval application online and submit documentation via email, fax, or mail. The best online mortgage lenders have top-notch customer service reps to walk you through the application process via phone.
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The best mortgage companies offer affordable rates, have helpful online tools, are quick to communicate, and won’t leave you hanging if you need help. Our top lenders – Alliant Credit Union , CitiBank Mortgage , First Internet Bank , and New American Funding – all stood out for different reasons, but hit every one of those marks.
A mortgage preapproval takes you one step closer to actually buying a home. To get preapproved, be ready to provide details about your employment, income, debt-to-income ratio, financial accounts.
To help you choose an online mortgage lender, NerdWallet has picked some of the best out there in a variety of categories to help you get the home loan with the best mortgage rate, term and fees. MoneyTips can help, with guides like Understanding the loan approval process, Mortgage Pre-Approval Necessities.
Online mortgage lenders offer convenience, automation and digital tools. See our picks for the best online lenders of 2019 across several categories.
Pre-approval establishes the mortgage amount you may qualify for. It also guarantees the interest rate for up to 120 days from the date of the certificate 1, provided your financial situation doesn’t change. A CIBC mortgage pre-approval certificate is free with no obligation.