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Conditional pre-approval is an indication from a lender that you’re eligible to apply for a home loan up to a certain limit. You’re under no obligation to take the loan, and the lender has no obligation to lend you that amount, but it can show sellers you’re serious about buying and that you’re confident you can afford the property.
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Unlike pre-qualification, which can be acquired in as little as an hour, pre-approval can take as long as 7-10 days. A lot of that depends on you, and a lot depends on your lender. On your end, you not only have to fill out an application, you also have to produce all the required documentation .
Technically the average from Home Buyer Association’s takes no more than 24 to 48 hours.
Although there is no definite duration for the validity of a pre-approval letter, the custom within the real estate industry is that pre-approval is good for between 90 to 180 days, says Reischer..
The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan. In a normal market, this process takes about 30 days on average, says Fite. During high-volume months, it can take longer-an average of 45 to 60 days, depending on the lender.
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Because it’s an informal, nonbinding evaluation, you can get pre-qualified in a day or two, sometimes less. Depending on the lender, pre-qualification can happen in person, over the phone or online.
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a pre-approval is much more valuable because it means the lender has checked your.
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While it may seem obvious that you need to keep paying your bills during the period between a mortgage pre approval and your settlement date, some would-be borrowers neglect their finances in the excitement of shopping for a home.. Getting preapproved for a mortgage is no easy task, so the last thing you want to do is lose sight of your finances after you have been preapproved.
It can take several days or weeks – even longer – to get approved for a mortgage, but that timeline heavily depends on how honest you are with your lender.