The main difference between a pre-approval and a loan application is that there is no specific property when a pre-approval is issued. A pre-approval means that your mortgage consultant will gather all the necessary information to give you a full approval, subject to a successful appraisal… giving you the same negotiating strength as a cash buyer. It also means that you will be able to close your loan quickly and the seller can move into their new home faster.
The first step in obtaining a mortgage loan is determining a mortgage payment budget. As a general rule, this budget shouldn’t exceed more than 28% of a person’s gross income. To learn more about preparing a mortgage loan application, take a look at this financial planning infographic.
January 1st is the first day you can submit your FAFSA application. The SOONER you get it in, the BETTER! Financial aid is given out on a FIRST come, FIRST serve basis! Learn more about the FAFSA and financial aid at www.higherscorestestprep.com/20