Mortgage industry terms
If you're interested in borrowing against your home's available equity to pay for other expenses.
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What�s the difference between a mortgage prequalification and preapproval?Your ability to repay the loan. This requirement basically asks, �Is your income enough to cover the new mortgage payment and all your other monthly expenses?�. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale. You can get a response in. Getting prequalified (you can prequalify for a Bank of America mortgage online) will provide you with an estimate of how much you can borrow before you start.
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