The first step towards homeownership is getting pre-approved for a mortgage loan. This involves applying to a mortgage lender such as a bank or credit union that will review your credit, income, assets, and debts to figure out the loan amount you qualify for. According to the experts at Mortgage Maestro based out of Colorado, mortgage lenders provide a pre-approval letter that states how much they will loan based on your financial profile. It shows home sellers you are a serious buyer who has the financing to buy their home. The pre-approval process also gives you a budget range for
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