A mortgage pre-approval is a written statement from a lender that signifies a home-buyers qualification for a specific home loan. Income, credit score, and debt are just some of the factors that go into the pre-approval process.
Approval letters simply mean that something (loan, mortgage, sick leave, etc.) has been approved. There are many reasons for which approval letters may be written. Some of the common ones include giving permission at work, to approve a loan or finances, and to approve or endorse a construction project, just to mention a few.
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Mortgage pre-approval is fast and easy Having a pre-approval letter in hand is a powerful thing when you go house hunting. Almost like a briefcase full of cash (and probably safer to carry around).
This pre-approval can then help a buyer find a home that is within their loan amount range. buyers can ask for a letter of pre-approval from the lender, and when shopping for a home can have possibly an advantage over others because they can show the seller that they are more likely to be able to buy the house.
After you find the right home, getting the right mortgage is the next important decision you’ll make in the homebuying process. Being prequalified by a mortgage lender lets you know how much you can borrow. To be sure you’re getting the best deal, talk with multiple lenders and compare their mortgage interest rates and loan options.
A mortgage pre-approval letter provides the necessary third-party verification that what you told your loan officer is documented. Income Documentation. You’ll be asked to provide your most recent pay check stubs covering a 30 day period as well as your two most recent W2 forms.
A mortgage preapproval tells sellers you can back up your offer. To get a preapproval letter, you need documents verifying your income, employment, assets and debts.
Prequalifying at Bank of America is a quick process that can be done online, and you may get results within an hour. For mortgage preapproval, you’ll need to supply more information so the application is likely to take more time. You should receive your preapproval letter within 10 business days after you’ve provided all requested information.