Pre-Approval: What It Is & Why You Need It (Especially Right Now)
What is pre-approval?
Why you need it
How to get pre-approved
- Your creditworthiness will be under serious scrutiny as a first-time homebuyer. Before you even begin with pre-approval, check your credit reports yourself with all three major credit bureaus. (You are allowed one free report from each one annually.) You'll want to clean up your report, which means disputing any errors and discrepancies to get the best FICO Score. Once this has been done, and only then, talk to a lender about pre-approval.
- When pulling your credit report, the lender will likely perform what’s called a hard credit inquiry. This type of credit check may result in a slight drop in your credit score immediately after, which is why it’s worth knowing about. Since pre-approval letters tend to be good for several weeks or months after being written up by a lender, that dip in credit shouldn’t affect your ability to buy your dream house too much. But what it does mean is that you do not want to go to multiple lenders and apply for pre-approval to see which offers the best amount. Do this once.
What you'll need
Your credit score
|FICO Score||APR||Monthly Payment||Total Interest Paid|
Proof of Income
Proof of Assets
Lenders for pre-approval
What to do if you don’t pre-qualify for your dream home
The bottom line
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