Before you start shopping for your new home, you need to be Prequalified or Preapproved for the loan.
Home Buyer Tip: Preapproval can speed up your final mortgage approval. If you want to get into a home quickly, you need to go through Preapproval process.
NOTE: A home loan pre-approval letter does not guarantee that you will receive financing from a bank, credit union, or mortgage company.
The mortgage can be denied after pre-approval for reasons that are common such as change of employment, negative item on credit, additional debt(s), issues with the appraisal, etc.
Why Get Prequalified?
• Your TIME and ENERGY are PRICELESS
• Your offer will be taken more seriously
• Prevents you from falling in love with a house for which you cannot qualify
• If you have credit issues, it may take time to resolve them
• Allows Lender time to use creative problem solving to determine if qualifying is possible

If You Are Prequalified
it means that:
- The buyer’s information has been reviewed by the loan officer
- The buyer MAY OR MAY NOT have submitted documentation to the lender
- The loan officer MAY OR MAY NOT have provided information to underwriting for review
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home.
If You Are Preapproved (Credit Approval)
it means that:
- The buyer’s information has been reviewed and approved by an underwriter
- The buyer has submitted all loan documentation required for credit approval
A pre-approval is much more valuable because it means the lender has checked your credit and verified your documentation to approve a specific loan amount (usually for a particular period, such as 90 days).
I have a list of Lenders that I can recommend to you.
Disclosure: I’m not in any way affiliated with lenders I recommend and do not receive any referral fees or other material gains.
I’m recommending these professionals because I know how dedicated to the customers they are!