Getting pre-approved for a home mortgage loan is the first step to getting the loan. Through this process, a bank, mortgage lender, or broker will review your qualifying criteria (credit score, income, debt, etc.) to determine how much they are willing to loan you.
When you get pre-approved for a mortgage loan, you find out how much money a lender is willing to lend you. For a pre-approval, a lender will review your finances and pre-approve you for a certain amount. You should get pre-approved before you have selected a home. After you select a home, submit an offer to purchase and get an acceptance, your mortgage lender will work in a "final" approval for your loan.
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Quest Home Loan Center