Mortgage Pre-Approval Definition: A mortgage pre-approval provides support if you decide to negotiate funding to purchase a new home. Many property sellers require a buyer to have a mortgage pre-approval letter, which gives them more confidence in negotiating mortgage options.
A mortgage pre-approval indicates that a buyer is in an ideal situation to afford a home and the mortgage payments every month, should they be approved for financing. A few steps are involved in applying for pre-approval and obtaining a mortgage, which include providing proof of assets, verification of employment income, a good credit rating, and details to support this information. In some situations, a mortgage pre-approval allows borrowers to access more options and better rates.
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