Pre-Approvals

Answering some of our most asked questions. Didn’t answer your question? You can always email or call us. We are happy to answer!

How do I get preapproved for a mortgage?

A mortgage lender will need to look at a few different factors like your credit report, debts, assets, income, etc. to determine how much home you could afford.

What’s the difference between pre-qualifying and pre-approval?

There is a very big difference between being Pre-Qualified and Pre-Approved. A Pre-Approval is based on credit being reviewed along with income and assets having been verified. A Pre-Qualification is simply a phone conversation and the lender says based on what we have talked about-you “should” be able to purchase a property at $X.XX. Pre-Qualifications are pending everything being verified. To put an offer in on a home you should have a written Pre-Approval in hand.

How do I obtain a pre-approval letter?

Getting pre-approved starts by talking to a loan officer about your plans and goals. They will help you navigate the countless options of mortgage products to best determine which fits your situation best. This will also ensure that your payment and cash to close are all well within your budget and what you are approved for. A pre-approval does require a full application and having your credit run.

How much does a pre-approval letter cost?

Getting a pre-approval letter is free! You are under no obligation to use your lender once they pre-approve you. Find a loan officer you can relate with, trust, and feel confident they will get you to the closing table.

How long is a pre-approval letter good for?

A credit report is good for 120 days. We typically say a pre-approval letter is good for 90 days which will still allow us 30 days to get you closed without having to update your credit report.

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