How to beat the buying competition with a loan pre-approval

A "Pre-Approval" and an Approval on a specific vehicle with specific miles and for a specific dollar amount and a specific Loan to Value are two VERY separate things. Most credit unions will send out "Pre-Approval" letters that are intended to drum up business, and often advertise the best POSSIBLE rates at terms that most consumers will not be.

Getting preapproved for a car loan can help you save money by allowing you to compare loan offers and by improving your negotiating power during the car-buying process. Plus, it gives you an opportunity to review your budget before you start car shopping, so you can keep your finances on track.

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If you qualify, your pre-approval will be based on an underwriting review of the preliminary information you provide to us and does not constitute a mortgage commitment, approval or guarantee by Huntington to extend you credit, nor does it lock in a rate. Additional documentation will be required for a final loan decision.

If you wanted to buy a used car from a private seller or independent dealership, you would have to take out a personal loan, which usually carries much higher interest rates. Why Get Preapproved.

 · Smooth Sailing: If you’ve gone through the pre-approval process, you can buy whenever you’re ready. Other buyers may find out about significant problems in their credit reports at the last minute – but you will have already cleared up any issues. You can do your shopping and buying all within the same day if you want.

A mortgage pre-approval shows home sellers that you have your finances in check, that you’re serious about buying a house, and that you won’t be denied a mortgage if they decide to sell you their home. Is a mortgage pre-approval the same as pre-qualification? No! Mortgage pre-approval and pre-qualification are not interchangeable.

bad credit mortgage loans: Bad credit mortgage loans In general, most lenders who provide mortgage loans will also offer mortgage refinance loans. That said, since the entire idea behind refinancing your loan is to obtain a new loan with a lower interest rate – thus lowering your payments – the best thing you can do when searching for a refinance loan is to compare rates from multiple lenders before making a decision.

Get a mortgage preapproval. A mortgage preapproval proves you’re a serious buyer. Get preapproved for your mortgage before you start shopping for a home. Largest FHA lender in the nation with a 1% down payment program for qualified buyers. Allows you to complete the process entirely online and gives a loan decision in minutes.

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