When you first contact a real estate agent and ask for help finding a home, one of the first questions that will be asked is whether or not you have been pre-approved for a mortgage. If you are a first-time home buyer you may not have even heard of this term before. Here is some of the most important data you should know about these types of mortgages and why they are so important.
What are they?
A pre-approved mortgage is an assurance from a lending institution that you will be approved for a mortgage once you have found a home. There will be a limit on the amount of the mortgage, which will be clearly stated on the letter you receive indicating a pre-approval. With this in hand, you'll know your limits for the homes you’ll be able to look at…
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