a prequalification is a guarantee from the lender to loan you money.

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You want the lender to review your credit report, income and asset documentation, and approve you as a borrower.. you can see that a mortgage prequalification letter can never be a loan guarantee.

lease to own home terms The Basics of Lease Options and Purchase Sales – The Basics of a Lease Purchase. During the term of the option, the buyer agrees to lease the property from the seller for a predetermined rental amount. The term of the lease-purchase agreement is negotiable, but again, the common duration is generally from one year to three years.

What is Loan Prequalification? (with pictures) – wisegeek.com – A mortgage loan prequalification looks at your credit profile, your income, and the amount of money that you are putting down on the home. A pre approval mortgage or prequalification home loan is important for a number of reasons.

Mortgage Terms – Define Mortgage Industry Terms for Home. – Condition in a mortgage that gives the lender the right to require immediate repayment of the loan balance if regular mortgage payments are not made or for breach of other conditions of the mortgage.

Why Should You Get Pre-Qualified for a Home Loan – Why Would you get Pre-Qualified for a Home Loan?. The pre-approval process is more detailed and thorough than pre-qualification. You will be asked to complete a mortgage application, and some lenders charge an application fee.. This commitment is still not a guarantee that your loan will be approved when you do settle on a home to.

Loan preapproval does not guarantee you'll get a home loan.. making it impossible for VA lenders to offer any sort of mortgage guarantee. in loss of the property, time spent on the process and your hard-earned money.

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Learn what an SBA Express Loan is, how it works and the different types. We compare it to other SBA loan programs and tell you where you can get it.

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What is Pre-Loan Approval? – Financial Web – finweb.com – A pre-loan approval is a letter from your mortgage lender outlining the major terms and conditions of the loan you have qualified for in the purchase of a home.. The Approval Letter. Most pre-loan approval letters contain the following information: The loan amount to purchase the home. The type of loan you are obtaining.