What is Preapproval?
This allows you the ability to get approved for a specific loan amount prior to finding the home you want to purchase. This can give you a great advantage with a homeowner or realtor. Also, if you’re thinking about refinancing, but not sure you would qualify, you can apply for preapproval and save on the cost of getting an appraisal on your home until you know you qualify. Citizens First Mortgage offers preapprovals in 24 hours or less.
Related Questions
- Loan amount---preapproval request approved but not accepted. What loan amount should be entered if a preapproval request is approved but not accepted and the lender opts to report the transaction?
- Preapproval request approved but no property identified. How should a lender report a preapproval request it approved if the borrower did not later identify a property to the lender?
- Loan amount---preapproval request denied. What loan amount should be entered if a preapproval request is denied?
