Sentences with phrase «formal mortgage application»

Pre-qualifying with a lender does not require you to proceed with a formal mortgage application, nor does it imply that the lender will approve you for a loan.

Prequalification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow.

Not exact matches

While quick preapproval may be conducted online, a mortgage application requires more formal procedures and higher amount of time spent compared to other loans.

After you have found a few potential real estate lenders, take the time to fill out the more detailed application for a formal mortgage quote from each lender.

The pre-approval process isn't as involved as a formal loan application to get a mortgage, which requires extensive documentation like income tax returns, driver's license, pay stubs, insurance forms, home owners association documents, mortgage statements, divorce records, Social Security record and bank statements.

Submit a formal application for a mortgage, in the amount you need to buy the house.