Why Get Approved?
1. A lender approval acts as a dry run of the loan application process. The mortgage lender will use info you provide about your credit, income, assets and debts to arrive at an estimate of how much house you can afford. The whole process may take only minutes or a few hours at most.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), an approval is because the lender has verified all of the information needed and the only missing component is the home.
3. These days most sellers will NOT accept an offer without a lender approval, so if you are serious about buying this is the first step towards getting you in your new home.
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