After an offer is accepted, you enter the "under contract" or "escrow" phase. :
: Unlike a "pre-qualification," a mortgage pre-approval is a lender's written commitment to lend you a specific amount after verifying your income and assets [30, 35]. This letter is often valid for 60–90 days and is essential for making a serious offer [8, 27]. beginners guide to buying a house
Before you start looking at listings, you must ensure your "financial house" is in order. Lenders look for the : Capacity (ability to pay), Capital (available savings), Credit (history of repayment), and Collateral (the home's value) [12]. After an offer is accepted, you enter the