Does a pre-approval hurt your credit?

What does pre-qualified mean?

The Family Housing Subsidy is a monetary aid granted by the state to complete the down payment of your home. This contribution is granted only once in a lifetime to the beneficiary, and delivers a maximum value of $23,437,260. In order to apply for it you must comply with the following:

The approval time ranges between 3 to 5 business days after the complete filing of the requested documentation, depending on the type of activity and the ease with which the information can be verified.

For new housing, once the construction company requests it with the delivery certificate and registration receipt. When the disbursement is made immediately the customer service area will contact you to notify you.

One month after the disbursement of the credit to the builder in the case of new housing, in the case of used housing, one month after the disbursement to the seller of the property.

You can pay your monthly installment through the electronic payment by PSE, available in our web page. In addition, you can make your payment at chain stores such as: Exito, Carulla and Surtimax, Colsubsidio, Banco de Occidente and Banco Av Villas, and at Baloto points.

How long does it take to get approved for a mortgage loan?

Basically, pre-qualification and pre-approval are types of mortgage approvals, which indicate the steps a lender takes to verify that a customer can afford a mortgage. In this article, we’ll go over some common ways lenders use pre-qualification and pre-approval. Before we go any further, here are a few points to keep in mind:

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A pre-qualification is usually based on the information you submit, rather than reviewing your credit report or financial documents. This means that the pre-qualification is usually a rough estimate. It also means it’s less reliable than a pre-approval, in which your lender reviews your credit score, bank statements and other documents.

Pre-approval usually includes a few steps to verify the information you submitted to get pre-qualified. In addition to reviewing your credit report, the lender will likely ask for some financial documents, such as W-2 forms, pay stubs, tax returns and bank statements.

Mortgage Loan Qualification

When you fall behind on your mortgage payments, the lender or servicer may declare your loan in default and notify you with a notice of default. Default is the first step in the foreclosure process. Once your loan is in default, the lender may charge you for “default-related services” to protect the value of the property, such as inspections, lawn mowing, landscaping and repairs. These services can add hundreds or thousands of dollars to your loan balance.

If you are struggling to meet your mortgage payments due to the pandemic, and your mortgage is federally backed, deferment or forbearance measures may still be available. For more information on relief options and their terms, visit consumerfinance.gov/housing, the federal government’s centralized resource with information from the Consumer Financial Protection Bureau (CFPB), HUD, VA, and USDA.

What is a pre-approved for housing

2. The bank where I have a checking account gives better rates: Not necessarily. Rates are one of the many variables with which lenders compete. Therefore, it is necessary that the client quotes at least three alternatives in addition to the institution where he already has contracted financial services.

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5. The dividend reflects all the costs of the mortgage loan: It is necessary that the client reviews the final cost of the mortgage loan, since there will be operational expenses that will be charged only once or the payment of an external mandatory insurance policy does not appear in the monthly amount.

6. No regulated financial institution in Chile that lends housing loans will release the money without first verifying that the client has taken out the corresponding mandatory insurance policies.

8. Mandatory insurance is charged separately: As they are associated expenses, they are incorporated as part of the monthly dividend and are reflected in the Annual Equivalent Cost (CAE) and in the Total Cost to Pay (CTP) of the loan.

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