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Getting pre-qualified for a loan

Homebuyer's Dictionary (glossary)

Getting pre-qualified for a loan

Pre-qualification for a loan can help you concentrate on a specific price range, and save you time so you won't be looking at properties well over what you can afford to purchase.  Pre-qualification is essentially an estimate of how much you can afford to spend on a house.  You would typically take the step of getting pre-qualified sometime before you begin your search, and before your actual loan application meeting.

An additional step you may take is to get pre-approval for a mortgage loan.  That means that your loan application has actually been processed by a lender, and a specific mortgage amount has been approved for you.  Some buyers feel they have more negotiating power when they can provide this pre-approval proof to the seller. As with pre-qualification, lenders will use established guidelines to determine the size of your loan approval.

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