Guide · Process · 1 min read
How Pre-Approval Works
What a pre-approval looks at, and what it does not promise.
A is a review before you have a contract on a home. The loan officer looks at income, savings, and credit, and may ask for a credit check. You should hear that before it happens.
The result is a letter or a conversation about a price range that may fit. It is stronger than a guess you made at the kitchen table. It is not a promise that the loan will close. The home, the , and the final documents still have to pass .
If your job, your debts, or your down payment change after the letter, tell the loan officer. A letter that no longer matches the file can fall apart later.
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What the Letter Can and Cannot Do
Sellers and agents use the letter as a sign that a lender has already started. It names a price range that may fit the records you provided. It expires, and it is not an approval of a specific house.
The house still has to appraise. The title still has to be clear. Underwriting still reads the final documents, including the contract.
Bring a photo ID and recent income records. If you are self-employed, tax returns are the usual start, and a specialty program may ask for bank statements instead. Do not send a Social Security number through this website. That belongs in the secure application after you choose a loan officer.
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Document Checklist
From getting your money ready to picking up the keys. Check off each step as you go.
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From Offer to Keys
The stretch of time after a seller accepts your offer, and why it rarely moves in a straight line.
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Why a Loan Officer Lists Licensed States
A license lets that person take a mortgage application in a state. It is not the same as the company's list of states.
A Real Conversation
Ready When You Are.
Talk with a loan officer who is licensed where the home is. Walk through buying, refinancing, or a loan that does not fit a standard file. Start with the directory, or answer a few questions first.