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Date MOVEMENTMORTGAGE Borrower Borrowers current address Borrowers current city, state zip Loan PreQualification: Borrower and coborrowers name Dear Borrower and coBorrower first name, Movement Mortgage.

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A mortgage pre-approval only means a loan officer has looked at your finances—your income, debt, assets, and credit history—and determined how much money you can borrow, how much you could pay per month, and what your interest rate will be.

Pre-approval letters typically include the purchase price, loan program, interest rate, loan amount, down payment amount, expiration date, and property address. The letter is submitted with your offer; some sellers might also request to see your bank and asset statements.

During the preapproval process, a mortgage lender will look at your income, assets, and credit history when underwriting your application. The details of your financial situation will dramatically impact the amount you are preapproved for.

Both pre-qualified and pre-approved mean that a lender has reviewed your financial situation and determined that you meet at least some of their requirements to be approved for a loan. Getting a pre-qualification or pre-approval letter is generally not a guarantee that you will receive a loan from the lender.

Pre-qualification is not nearly as accurate as pre-approval because you do not need to share as much information with a lender. It is easier to accidentally provide incorrect information (perhaps you think your credit score is 620 when it is actually 650, etc.), so it does not always provide accurate information.

This means being prequalified for a mortgage typically leaves you with a ballpark estimate rather than a firm number. It also means it's less reliable than a preapproval, which usually involves your lender checking your credit score and reviewing bank statements and other documents.

Pre-qualifying can nonetheless be helpful when it comes time to make an offer. "A pre-qualification letter is all but required with an offer in our market," said Kaderabek. "Sellers are savvy and don't want to enter into a contract with a buyer who can't perform on the contract.

Usually, the preapproval shows the maximum purchase price/loan amount the lender will preapprove you for, and comes with an expiration date. If you try to make an offer on a home for an amount higher than you're preapproved for, sellers are likely to ignore the offer because you won't get approved for the loan.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232