A mortgage pre-approval letter provides the necessary third-party verification that what you told your loan officer is documented. Income Documentation. You’ll be asked to provide your most recent pay check stubs covering a 30 day period as well as your two most recent W2 forms.
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Here's what to do and NOT do after your pre-approval.. Without a letter from a lender stating that they're willing to work with you on a mortgage and for. For example, don't change jobs or apply for new credit during this time.
Lending institutions write pre-approval letters to potential customers to inform them that they are pre-approved for a loan. A pre-approval letter contains the loan pre-approval amount and typically expires after 30 days. The letter may contain details and exclusions regarding the pre-approval.
Mortgage pre-approval letters entail a more formal process than mortgage. For example, there may be mistakes on your credit report that need to be fixed.
An approval letter can be a welcome notification of the success of an application or in the case of a pre approval letters, let a potential applicant know about a possible opportunity to access additional credit. A request for loan approval letter, however, is when an applicant first makes their request submission for a loan.
A pre-approval letter is somewhat different from a prequalification letter in the sense that the former is more profound. Where a prequalification letter is written following basic prospective borrower information, a preapproval letter is issued only when a verification of the information has been done.
Note that a pre-approval is not a loan approval. Also, it does not obligate the borrower to obtain a loan from the lender that provided the pre-approval letter. Pre-approval is performed at the time when the borrower is in the market to purchase properties. For this reason, a pre-approval is not tied to particular property.
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This pre-qualification letter does not constitute loan approval or commitment to rate, fees, or term. Any misrepresentation in the loan application or adverse change in the applicant’s finan-cial position may void this pre-qualification letter, as would a poor credit history by accepted standards.