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19 Nov

Pre-Approved for Your Mortgage… What Does that Really Mean?

Mortgage Tips

Posted by: Lynn Nequest

Pre-Approved for Your Mortgage… What Does that Really Mean?There is a myth out there that once you’re pre-approved for a mortgage, you’re good to go out and buy a home… with a no subject offer… DON’T do it!

A pre-approval means that based on being able to PROVE (through documentation) your CURRENT income, expenses, down payment and credit bureau you SHOULD be able to get fully approved once you find the right property (this is the first half of the equation).

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