What does it mean when you get approved. this has to do with buying a home.?
Answer:
your loan is request is granted
Typically means you've been approved for a home loan.
You have either been approved for a loan OR you may have just been pre-approved meaning you meet all the minimum requirements for a home loan-18yrs old and have a job basically. Depends on what you have done previously to be approved for a home loan. Did you go to the bank and fill out an application?
It is similiar to the question "how much do you want to spend" when you walk into a car dealership.
Good realtor or agent will respect what you wish to spend. Bad ones will try to ask you buy to your credit limit.
depends on the statement you are aksing. "approved" means that you have secured financing and are ready to buy.
"get approved " means that the sellers want someone who already has money. So you need to get approved or go to a bank/mortgage company and secure financing in the amount you can afford or wish to spend.
It is based off your credit score mainly but takes into account your current working situation (income) verses your spending ( bills) also. It is like having a credit limit on a card. You are approved for only this much based upon you.
This term means that you are not approved to purchase a property.
Approved means that you have supplied a mortgage broker or other lending institution your W-2, 2yrs of fed income tax returns, a month of pay stubs, 6 months bank statements as well as any paper work from your 401k and profit sharing from your employer.
Based on the information you supplied the mortgage broker or lender was able to approve you to purchase a home. If this had taken place you would have been issued a pre-approval to purchase a property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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