Ph. 800.450.8090 | 972.603.5500
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What is a Mortgage Pre-Approval?
A pre-approval is generally a written statement from a lender stating the lender’s preliminary determination that a borrower would qualify for a particular loan amount under that lender’s guidelines. The determination and loan amount are based on income and credit information. Most pre-approval letters are good for 60 to 90 days.
Does Pre-Approval Guarantee a Loan?
No. Regardless of pre-approval, a lender may require additional income and asset verification, as well as the satisfaction of other conditions, before extending you a loan.
Why Should You Get Pre-Approved?
There are many reasons why you should get pre-approved. The most important reason is that you will get an accurate idea of how much home you can afford.
Roy Malkison (Prabhat)
Beam Mortgage Inc. (Broker)
14455 Webb Chapel Rd, Farmers Branch, TX 75234
Brokers Office: (972) 484-4411