It's generally best to obtain pre-approval early - before starting to look at homes. We recommend getting pre-approved as early as six months to a year in advance.
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Conventional loan guidelines were created by the government and are enforced to protect the lender, borrower, and investor.
In order to obtain a mortgage pre-approval, the buyer needs to provide their lender with a picture of their financial situation. After receiving the documentation, the lender analyzes the buyer’s information and determines if they’re eligible for a loan. If they are, the lender issues a mortgage pre-approval for a certain amount.
Regardless of where you get a mortgage, you will always need three things - income, credit, and money down - and you’ll need the proper documentation for each.
Comprehending credit inquiries and how they differ allows individuals to make informed decisions, while the deduping process ensures the accuracy and fairness of credit reporting.
Locking in a rate with a lender is a way to protect yourself from potential interest rate increases while you're in the homebuying process.
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