GET PRE-APPROVED

Why Is Home Loan Pre-Approval Useful?

A pre-approval is the first step in the mortgage application process. Home loan pre-approval helps you get a better idea of what size and type of mortgage you might qualify for in advance of submitting your official mortgage application. With this information in hand, you can better plan and prepare financially for meeting your homeownership goals.

Once you have an idea of your borrowing power and what type of mortgage you may qualify for, you’ll have a better sense of what size monthly mortgage payment you can afford.  Having the knowledge to determine your budget is an essential part of a successful home search.

How Does Pre-Approval Work?

When getting pre-approved, you provide your lender with a picture of your financial situation (debt, income, and assets) so the information can be used to give you an idea of your home loan qualifications. While pre-qualification is different from submitting a full mortgage application and doesn’t guarantee you will be approved for a loan, it is an immensely useful tool in the home buying preparation process.