what is a prequalification letter for a mortgage

Learn the difference between a preapproval and prequalification letter, and why a preapproval letter might be the best option for you. Not all mortgage lenders.

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A mortgage prequalification gives you an estimate of how much you can borrow based on your income, employment, credit and bank account information. We’ve enhanced our platform for chase.com. For a better experience, download the Chase app for your iPhone or Android.

Pre-Qualification vs Pre-Approval – 1st Priority Mortgage. – Pre-Qualification vs Pre-Approval. PREQUALIFICATION: When information is provided verbally to a mortgage professional to understand the borrower’s eligibility for a loan, then the letter provided by the lender or mortgage broker is likely a pre-qualification letter. A properly conducted interview, by a responsible and experienced mortgage.

The Skinny on Pre-Qualified. Getting pre-qualified is the initial step in the mortgage process, and it’s generally fairly simple. You supply a bank or lender with your overall financial picture, including your debt, income and assets. After evaluating this information, a lender can give you an idea of the size of the mortgage for which you qualify.

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