Mortgage Pre-Approval

Get Pre-qualified for Your Loan

Pre-qualification is the initial step in the mortgage loan process, and it's generally fairly simple, and will let you know the loan amount for which you might expect to be approved for.
Get Pre-qualified

While shopping for a home may be pleasant, serious buyers need to start the process with a mortgage broker or lender, not at an open house – and by obtaining a mortgage pre-approval. This process is basically an evaluation that determines whether the borrower qualifies for a loan and is important for several reasons.

First – in today's real estate market, most sellers expect buyers have one, and may only negotiate with people who have proof that they can obtain financing.

Second – would-be homeowners learn the maximum amount they can borrow. They can also have an opportunity to discuss financing options and budgeting with the lender.

Finally, if there are any problems with their credit, they'll get a heads-up about it.

Pre-qualification Vs. Pre-approval - Although they sound alike, being pre-qualified for a loan is not the same thing as being pre-approved.

Pre-qualification is the initial step in the mortgage process, and it's generally fairly simple. To pre-qualify for a mortgage, you meet with a lender (though the procedure can also be done over the phone or on the internet), and provide information about your assets, income, and liabilities. Based on that information, the lender will estimate roughly how much money you can borrow. The entire process is informal. It can be useful as an estimate of how much you can afford to spend on a residence, but because it's a quick procedure – and based only on the information you provide to the lender – your pre-qualified amount is not a sure thing; it's just the amount for which you might expect to be approved for. For this reason, being a pre-qualified buyer doesn't carry the same weight as being a pre-approved buyer who has been more thoroughly investigated.

With a Pre-approval, the lender checks your credit and verifies your financial and employment information and documentation; this not only confirms your ability to qualify for a mortgage but approves a specific loan amount (usually for a certain period, such as 90 days).

Offer types

Pre-Qualification

  • Verified credit
  • Client stated income
  • Client stated assets
  • Approve/Eligible Underwriting Findings

Pre-Approval

  • Verified credit
  • Lender verified income documents
  • Lender verified asset documents
  • Approve/Eligible automated underwriting findings

Verified Approval

  • Underwriter verified credit
  • Underwriter verified income documents
  • Underwriter verified asset documents
  • Approve/Eligible automated underwriting findings

Cash

  • No verification of credit needed
  • No verification of income needed
  • Proof of assets submitted with offer

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