Do you get a loan estimate after pre approval?

Jordon Beier asked a question: Do you get a loan estimate after pre approval?
Asked By: Jordon Beier
Date created: Thu, May 27, 2021 9:21 PM
Date updated: Thu, Sep 22, 2022 11:07 PM


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The Loan Estimate isn't the same as a mortgage pre-approval… A Loan Estimate, on the other hand, doesn't come until “after” you've found a property. A lender cannot provide this form until there is a property address and a sale price. This is the only way to provide an accurate estimation of your mortgage terms.

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A mortgage pre-approval never guarantees you'll receive a mortgage loan. Similarly, a good-faith estimate of closing costs is just that: an estimate. Closing costs on good-faith estimates can and...

Most pre-approvals come with a rate-lock for 90 days, which means you get your home loan at the same rate if you finalise a property within the stipulated period, even if the rates go up. Of course, you get to choose a lower rate if the interest rates happen to go down.

The steps and words involved change from lender to lender. Many lenders use prequalification and preapproval interchangeably. No matter what type of mortgage approval you get, it's not a guarantee that you’ll close the loan. Prequalification or preapproval is a way for a lender to help you and a seller estimate what you can afford.

Get pre-approved for a loan Once you’ve estimated your own budget, you might start looking at homes within your price range. This is also when you take the first step toward getting a mortgage....

A mortgage can be denied after pre-approval if a buyer no longer meets the requirements of the loan. Here are some reasons a lender may deny a loan:

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