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| Understanding
The Loan Process |
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Getting
qualified before you apply for a loan can help you understand how
much you can borrow |
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When buying a house, you may get pre-qualified or
pre-approved. You can typically get pre-qualified over the phone
or on the Internet in a few minutes. A pre-qualification is not as
beneficial as a pre-approval where you have to go through a more
rigorous process which includes verification of your credit,
income, assets and liabilities. It is highly recommended that you
get pre-approved before you start looking for a house. This will
help you:
- Find out the maximum house you can buy, so you don't waste
time looking for properties you can not afford.
- Puts you in a stronger position when you are negotiating
with the seller, because the seller knows that your loan is
already approved.
- Helps you close quickly, since your loan is already
approved.
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