could be more comforting that the peace of mind that goes with
knowing your morgage is fully approved?
You will have a greatly improved
negotiating position when you are preapproved for a mortgage.
Sellers are more apt to negotiate with someone who already has
a mortgage approval in hand. The preapproval letter lets the seller
know they are working with a serious buyer. A preapproved buyer
can also close on a property more quickly--another major consideration
for a motivated seller. Obtaining a preapproved mortgage is essential
in a "seller's market" or where supply is limited.
uses basic information as well as electronic credit reporting.
It is a true mortgage commitment. Which means a commitment to
financing your home and an indication of the total mortgage amount
available to you. Coldwell Banker Mortgage, as well as other mortgage
lenders, can help you through the preapproval process. In most
cases, there is no charge for this service.
on the other hand, is not a full mortgage approval, but an estimate
of what you can afford. When you prequalify for a mortgage, the
lender collects basic information regarding your income, ,monthly
debts, credit history and assets, and then uses this informatin
to calculate an estimated mortgage amount.