{"id":10923,"date":"2021-08-30T09:21:52","date_gmt":"2021-08-30T15:21:52","guid":{"rendered":"https:\/\/www.shieldagency.com\/blog\/?p=10923"},"modified":"2023-08-21T16:46:44","modified_gmt":"2023-08-21T22:46:44","slug":"does-getting-pre-approved-for-a-mortgage-guarantee-youll-get-a-loan","status":"publish","type":"post","link":"https:\/\/www.shieldagency.com\/blog\/does-getting-pre-approved-for-a-mortgage-guarantee-youll-get-a-loan\/","title":{"rendered":"Does getting pre-approved for a mortgage guarantee you’ll get a loan?"},"content":{"rendered":"\n

Maurie Backman | USA Today – The Motley Fool<\/a> | mortgage guarantee<\/a><\/a><\/a><\/p>\n\n\n\n

There are certain steps it pays to take when you embark on a home search. You should spend some time interviewing real estate agents, make a wish list of the home features you’re looking for, and get pre-approved for a mortgage<\/a>. Some buyers, however, don’t take that final step, either because they don’t know about it or because they don’t understand how it works. Here are a few things you should know about mortgage pre-approval.<\/p>\n\n\n\n

1. Getting pre-approved for a mortgage doesn’t guarantee you a home loan<\/h2>\n\n\n\n

You might assume that if a mortgage lender<\/a> pre-approves you for a home loan, you’re automatically guaranteed that mortgage once you’re ready to sign it. But that’s not the case. Mortgage pre-approval is not the same as getting an actual mortgage, and if your financial circumstances change between the time you’re pre-approved and the time you want to apply for a home loan, you may be denied.<\/p>\n\n\n\n

Still, getting pre-approved is a step in the right direction. And if nothing changes for the worse, financially speaking, then there’s a strong chance you will<\/em> get a mortgage once you want one.<\/p>\n\n\n\n

2. It can make for a more efficient home search<\/h2>\n\n\n\n

When you go through the pre-approval process, a lender gives you a specific amount that you can borrow based on your income and the funds you have available for a down payment<\/a>. Having that number is important because it can help you avoid looking at homes that are outside of your price range.<\/p>\n\n\n\n

3. It could help you beat out another buyer in a bidding war<\/h2>\n\n\n\n

Click here for the rest of the story<\/a>…<\/p>\n\n\n\n

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More great articles!<\/h2>\n\n\n