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Two home that is smart moves: home loan prequalification and preapproval

Two home that is smart moves: home loan prequalification and preapproval

Learn how much home you are able to borrow before starting looking – and exactly how you could make the strongest offer feasible regarding the home you decide on.

That you should consider getting prequalified Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval if youre ready to make your dream of owning a home a reality, youve probably already heard. ”

Homebuyer tip:

You might qualify to borrow additional money than you will be comfortable paying for a property. But that doesnt mean you need to save money. Its a good notion to restrict your house search to homes coming in at a sum you are able to comfortably manage. Explore the mortgage quantity that best fits into the general spending plan by utilizing Bank of Americas Home Affordability Calculator

What exactly is home loan prequalification?

Prequalification is definitely a very early action in your homebuying journey.

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