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Remember to pre-qualify you for a home loan, any lender calculates a home
loan amount you can receive based on information that you provide. Items you need to show to a lender
includes your income, expenses and debts. You can also add the earnings of a spouse or parent as a borrower, your
prequalifying home loan amount will be higher.
When applying prequalify for
home loans, the lender you choose can use the information you provide to calculate your
qualifying income and debt
ratios. Then when getting the ratios and any compensating factors. This will help determine which loan financing products are best for your financial
This is a preliminary estimate of the loan you might receive. Understand the information you
provide if it is incomplete or inaccurate, the home loan amount will change based on the information
Remember that there are many loan types have different guidelines for prequalify and
qualifying ratios. Your lender will not be able to recommend a loan
product until you complete a loan application. Based on the results, once lenders determine qualification
ratios, they should have a preliminary idea of which loan types to recommend. Many lenders use automated
electronic systems to help them pre-qualify borrowers for loan.
What is Pre-approval?
To pre-approve you for a loan,
a lender calculates the home loan amount you can receive based on information that a third
party provides. The lender verifies your information via a credit report. The credit reporting
agency acts as a neutral third party. Consider this a firm estimate of a certain home amount. Final approval
depends on whether the property also meets requirements for a home loan.
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