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Pre-approval gives you the advantage!
Pre-approval is:
A written commitment from us assuring you of a specified loan amount - pending appraisal of your intended property. (A prequalification, on the other hand, merely determines what you can afford to buy).
Having a pre-approved mortgage:
- Lets you shop with confidence
- Defines you as a serious buyer to sellers and Realtors
- Accelerates the mortgage process
- Helps you shop confidently because you know exactly how much you can afford.
- Gives you a big advantage over other buyers who haven't been pre-approved.
How does the process work?
Before you begin shopping for a home, submit your financial information to your lender. If you apply with Clear Progress, we will review your loan application. Then, if you qualify, we'll provide you with a written pre-approval for a certain mortgage amount, down payment, and interest rate - subject to the terms of the commitment letter.
To begin the approval process, you will need:
- Purchase price of the property
- The amount of your loan and down payment
- Types of loan you'd like
How much will I be pre-approved for?
It's a good idea to get approved for the maximum amount that you can qualify for, so that you're prepared.
Check your credit report, if needed, to make sure there are no surprises. You can order your credit report from
Equifax to see your credit history online.
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