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| Getting Started > Pre-approval |
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What is Loan Pre-Approval and Why do I Need One?
There are typically no costs to an applicant to become pre-approved, although some lenders may request an applicant cover the cost of their credit report. A preapproval is generally valid with a lender for a period of 60-90 days. FHA Express-The quick way to get an FHA loan! The potential buyer, as well as the buyer's agent, is provided with a written notice of pre-approval by the lender. This notice can then be included with a potential buyer's offer to purchase when provided to a seller. In the competitive real estate market we are experiencing, where multiple offers on a single property are commonplace, pre-approval has become mandatory for serious consideration of a potential buyer's offer. Those in the market to buy, who require financing to do so, are severely handicapping themselves if they choose not to become preapproved by a lender.
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