Category Archives: Wisconsin Installment Loans

Numerous loan providers declare that you don’t stand a chance in the housing market if you’re not pre-approved for a mortgage.

Numerous loan providers declare that you don’t stand a chance in the housing market if you’re not pre-approved for a mortgage.

Exactly what exactly does mortgage mean that is pre-approval? And certainly will it certainly allow you to get noticed through the battalion of purchasers bombarding the housing market?

Let’s break up the home loan process that is pre-approval learn!

1. What’s a home loan pre-approval?

Now people, be fooled: don’t a home loan pre-approval isn’t a promise that you’ll obtain a loan for the house you wish to purchase. Home financing pre-approval only means a loan officer has looked over your finances—your income, debt, assets, and credit history—and determined exactly just just how much cash you can borrow, simply how much you can pay each month, and exactly what your rate of interest are going to be.