An unbiased guide to buying your first home

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A: Every lender and broker has a somewhat different procedure. Once you have selected several lending sources, either through brokers or with the lender directly, let them tell you what they need for pre-approval. The type of loan requested will very the actual requirements. i Typically you will supply financial information such as income, expenses and often, allow the lender to do a credit check. i Remember that most pre-approvals are only a guideline and do not constitute a binding commitment from a lender and that they are subject to change as the loan market and rates change. It is possible to get a binding pre-approval, generally for a short period of time such as 30 days but it may require more work and documentation on your part. Also, be sure you are accurate in the information given to the lender. If anything is wrong it will render the pre-approval void.


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