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Your debts include a $300 student loan payment, a $200 car payment, a $100 minimum credit card payment, and if approved for your mortgage, a $1,900 housing payment.
Initial mortgage approval, often known as preapproval, is an early stage where the lender provides an estimate of what you may qualify for, based on a preliminary review of your income and credit ...
Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the home’s value, are also major factors.
Once you clear any conditions and get your mortgage approved, your home purchase is nearly complete. The final step comes on closing day, when the lender gives you the money, and you pay the seller.
In a mortgage context, pre-qualification denotes a process that has not yet been underwritten by the lending institution. Typically, subprime lenders will allow 50% DTI. . Common monthly debts used for calculating DTI are mortgage (or new mortgage payment), auto payment(s), minimum credit card payment(s), student loans, and any other common monthly or revolving debt that is on the applicant's ...
A preapproval indicates that you qualify for financing, and the lender is prepared to move forward with the loan as long as the home meets certain criteria — and your financial situation doesn ...
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