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Lee Said:

Where should I start for a mortgage pre-approval?

We Answered:

Talk to them both! See who can get you a better deal!

Marilyn Said:

How long should it take to get a mortgage pre approval?

We Answered:

This must be your first house. Banks and mortgage companies are very slow in getting back to you. I don't know what the people do at those companies but the all seem to close only on the last day of the month. It has taken me from 2-4 weeks.

Cassandra Said:

What does it mean to be coming with a Mortgage Pre-Approval?

We Answered:

it basically means she has already been approved for her loan subject to certain conditions such as the property valuation, once she has paid for the valuation to be done her bank will do the final paperwork --- it means for you that her finance is good and unlike some contract shouldn't fall through because they don't get approved.

Brian Said:

Where should I go for my mortgage pre-approval?

We Answered:

You can shop around.
Base your decision on what the loan origination fees will be and what the stated APR is.
To get this lower rate you may need to pay points or higher processing fees.

Gladys Said:

How nessesary is it to get a mortgage pre-approval if it is not your first home buying?

We Answered:

You need it to make an offer, almost no one will even look at offers w/o it these days.

It takes maybe 30 minutes, not a big deal.

Edgar Said:

Why do i have to show bank statements for a mortgage pre-approval?

We Answered:

Since the sub-prime meltdown, banks are more cautious or whom they pre-qualify and require a lot more documentation than a few years ago. The primary reason they want a copy of your statement is not always clear since much of the information can be derived from a credit report which tells them what your current Debt to Income ratio. The rest of your income is considered disposable income to be spent on day to day living and etc. The statement does not tell them about your assets i.e 401K, CD's, stocks, etc. So if you have those, you should bring that in as well.

It is not a big deal really.

Lynn Said:

How long should it take to get a mortgage pre-approval these days?

We Answered:

It depends on who you work with. I'm pre-approving clients within 24 hours.