It saves time and makes sense to find out how much you can borrow early in the home buying process.
When you get pre-qualified, you will know how much you can afford and
you will be in a better position as a buyer. You will
have a basis to compare different loans and make the best choice for
you, which may mean tremendous savings over the life of the loan. It
also makes sense to secure a lender's commitment as soon as you
know you want to buy. This is especially true in a "hot" market when houses
are selling quickly.
You may already be familiar with the terms "pre-qualification" and
"pre-approval." Generally pre-qualification means that you get an
estimate of how much you may be able to borrow based on your
financial circumstances.
Pre-approval generally means that you secure the lender's
commitment to let you borrow an amount before you've actually
applied for a loan.
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