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Preapproval

What is a mortgage preapproval?

A mortgage preapproval is a letter from a lender that states how much money they are willing to lend you to buy a home. It is not a guarantee of a loan, but it is a good indicator of how much you can afford to borrow.

Benefits of getting preapproved

Getting preapproved for a mortgage can have many benefits, including:

⋅ It shows realtors that you are capable of confidently looking at homes and making offers.

⋅ It shows sellers that you are a serious buyer.

⋅ It can help you close on your home faster.

How to get preapproved

To get preapproved for a mortgage, you will need to provide your lender with some financial information, including your income, assets, and debts. You will also need to authorize a credit check.



Here are the steps you can take to get preapproved for a mortgage with Centennial Bank

1. Gather your financial documents

This includes your most recent pay stubs, W-2s, tax returns, and bank statements.

Tips for getting preapproved

Get your credit score in good shape

The higher your credit score, the better your chances of getting preapproved for a mortgage.

Save up for a down payment

A larger down payment will make you a more attractive borrower.

Get your financial documents in order

This will make the preapproval process go more smoothly.

Prequalification vs. Preapproval: What's the Difference?

Prequalification

Preapproval

Benefits of Preapproval

Which is Right for You?

How to Get Prequalified or Preapproved

 

Pre-Approval Documentation Needed: 

Pre-Approval Documentation Checklist

 

Get started today

Getting preapproved for a mortgage is a great way to show sellers that you are a serious buyer. Contact Centennial Mortgage today to get started.


Disclosures

Requests for pre-approval must be submitted by the borrower and are only eligible for purchase transactions where a property address has not been identified and is "to be determined." Refinances are ineligible. The lender completes a comprehensive analysis of the applicant's creditworthiness. The underwriting is similar to that used to evaluate traditional mortgage applications. If an applicant is pre-approved, lender provides a written pre-approval letter to the applicant and is valid for a stated period of time for up to a specified amount. All loans are subject to credit approval and property eligibility restrictions. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice.

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