Mortgage pre-approval is an evaluation by a lender that determines if you would qualify for a home loan. It also shows how much the lender would be willing to lend you. Getting pre-approved is the first step towards getting a mortgage, but it does not guarantee a loan.
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Getting preapproved is a smart step to take when you are ready to put in an offer on a home. It shows sellers that you’re a serious homebuyer and that you can secure a mortgage – which makes it more likely that you’ll complete your purchase of the home.
If you’re granted a pre-approved mortgage loan, the lender gives you a pre-approval letter, which says your loan will be approved once you make a purchase offer on a home and submit the following documents: the purchase contract, preliminary title information, appraisal and your income and asset documentation.
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Acquiring mortgage loan pre-approval is the first step a borrower takes at the beginning of the home-buying or refinance process. Not to be confused with mortgage pre-qualification, it entails more.
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This pre-approval can then help a buyer find a home that is within their loan amount range. Buyers can ask for a letter of pre-approval from the lender, and when shopping for a home can have possibly an advantage over others because they can show the seller that they are more likely to be able to buy the house.
Interested in getting pre-approved for a home loan? Getting pre-approved for a mortgage can save precious time off your home buying process. Compare pre-approval offers with multiple lenders and get pre-approved with LendingTree.
Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage. Don’t get too excited just yet: There’s lots to do before you actually get the loan. Securing a pre-approval is the first step of the home buying process .