Banks are reportedly losing favor of mortgage pre-approvals, which are often viewed as an important first step in the home buying process.
Mortgage preapprovals are a written commitment from lenders outlining the loan amount and interest rate that home buyers qualify for. They give buyers an indication of how much they can afford on their home purchase, as well as show sellers their commitment to purchase. Shutdown Pushes Mortgage Rates Down: As a result of the federal government shutdown and declining consumer confidence, fixed mortgage rates fell for the third consecutive week, Freddie Mac reports, ending at their lowest averages in nearly four months.
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