Usually, a preapproval is within the context of a purchase mortgage. The typical home buying scenario would start with a mortgage preapproval. The preapproval basically just says that the scenario is question, based on the information provided is likely to go through once documentation has been provided and the mortgage has been cleared and approved by the underwriter.
However, if any of the information provided to the mortgage company, loan officer or underwriter is inaccurate, the loan may be delayed, or even denied. This means that we need to be extra diligent with our attention to detail and make sure all the information that you provide is full and accurate, doing so will also allow for a much faster, more seamless processing and underwriting experience.
The first step in the process of buying a home is getting a rough idea of what you qualify for, and what scenarios are realistic.
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