Connect with a lender today to get pre-approved for your next mortgage. Mortgage pre-approval eliminates the uncertainty of your finances before you start house hunting.
How It Works
Get Help with Mortgage Pre‑Approval
Frequently Asked Questions
What is mortgage pre-approval?
The pre-approval of a mortgage loan is the first step to determining how much money you could borrow and what kind of interest rate your lender would charge if it lent that money to you.
Why should I get pre-approved for a mortgage?
When you're looking for a new home, preparation is key. A mortgage pre-approval letter is a big step in the process of purchasing real estate as it will prove your financial stability. Getting pre-approved before shopping around can help your search go more smoothly and show sellers that you're serious about getting the house of your dreams.
How do I get pre-approved for a mortgage?
Finding the right lender is the first step to getting pre-approved for a home loan. We'll connect you with a trusted lender in your area who will help you with the mortgage pre-approval process. The lender decides what mortgage is suitable for you based on your credit score, credit history, debt-to-income ratio, employment history, assets, and income.
Pre-qualification vs. Pre-Approval
Pre-qualification is a process of getting the lender to estimate your financial situation using what they know about you. The process can be done online, over the phone, or in person with a loan officer. In some cases, pre-qualification doesn't require any paperwork and will only take 15 minutes to complete.
Pre-approval means that the lender has looked at your credit and financial situation in more detail and determined you are able to afford the house or mortgage loan they are considering giving you.
When to get a Pre-Approval
The time to get a mortgage preapproval is before you start looking for your home. This gives you the negotiating power in knowing what size of loan and interest rate you qualify for with different lenders. This means that you can set your price range and know for sure what lenders will approve.
Things not to do when looking for a home and applying for mortgages
When you apply for a mortgage, there are ten things you should avoid in order to get approved successfully.
1. DON’T forget your bills.
2. DON’T forget to monitor your credit.
3. DON’T apply for a new credit card.
4. DON’T make any large purchases.
5. Don’t max out your credit cards.
6. DON’T close any of your credit cards.
7. DON’T co-sign on loan.
8. DON’T change your job.
9. DON’T change your bank account.
10. DON’T make big deposits into your bank account.
Does Pre-approval guarantee a loan?
Pre-approval letters are a good indicator that your mortgage application is well on its way to being accepted, but they do not constitute approval.
What should I do if my mortgage pre-approval is denied?
Find out what went wrong. Remember, a mortgage pre-approval is not the same as a mortgage approval! Your lender may have denied your application because you are requesting an amount that exceeds the maximum allowed for your credit score or loan to value ratio. Alternatively, they could be refusing it based on their requirements (e.g., a minimum FICO score).
If you feel that the lender has made a mistake, call them and politely ask to speak with their supervisor. The best way to get through it is by being calm, organized, and persistent! Get your credit report before talking to anyone about this. Your mortgage pre-approval could have been denied because of something in there.
If you have less than perfect credit, try to improve it before applying for a mortgage pre-approval (e.g., pay off debt).