Home Loan Pre Approval

Rocket mortgage offers a couple of different approval options.

Home loan pre approval. Our prequalified approval is the fastest way to get approved with rocket mortgage simply apply online and allow us to check your credit. A mortgage pre qualification can be useful as an estimate of how much someone can afford to spend on a home but a pre approval is much more valuable. And remember a preapproval is only a conditional approval.

Mortgage pre approval is a commitment from a lender to provide you with home financing up to a certain loan amount basically the stamp of approval that you have the money credit history and. You won t be required to provide any documents but you should come prepared with information about. Aside from their distinct roles in homebuying prequalification and preapproval can take different amounts of time.

Since that s a relatively short period you ll probably want to wait to get preapproval letters until you re ready to start seriously shopping for a home. If you rack up more debt change jobs or reduce your savings you could get denied when you go to get final mortgage approval. Many sellers will require a pre approval or pre qualification letter if you re planning to get a mortgage.

A mortgage pre approval is a written statement from a lender that signifies a home buyers qualification for a specific home loan. Prequalification indicates whether you meet the minimum requirements for a loan and. Loan prequalification calculator terminology.

Mortgage prequalification is an informal evaluation of your creditworthiness and how much home you can afford. The difference is really in the depth of the lender s research. In order to be pre qualified you report your income debt and assets to your lender and your lender without questioning your numbers tells you based on the numbers you gave us you may qualify for this.

Mortgage pre approval and pre qualification are not interchangeable. It is however a good starting point in figuring out if you can get pre approval for a home loan. Prequalifying at bank of america is a quick process that can be done online and you may get results within an hour.