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This is essentially a document from a lender stating that you likely meet the requirements to. Web we can define a prequalification letter as a mortgage lender or bank’s best guess of the amount you can borrow based on their preliminary review of your overall finances. Web you’ll receive a preapproval letter to supply to sellers, demonstrating that a lender has verified your financial information and that you can afford a mortgage.

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Web lenders use the terms “prequalification” and “preapproval” differently. Some lenders may use the word “prequalification,” while other lenders may call the letter a. After you’re preapproved, your lender will provide a mortgage commitment letter showing.

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