Why Get Pre-Approved?

1. Pre-approval acts as a "dry run" for the loan application process. The mortgage lender will use the information that you provide about your credit, income, assets, and debts to determine an approximation of how much home you can reasonably afford. The entire process typically takes minutes once the lender has the requisite information.

2. While a pre-approval is non-binding to the lender since the information that you provide isn't always verified, it does serve as a valuable indicator to potential sellers of your general creditworthiness.

3. These days, sellers often won't accept an offer without a pre-approval letter. So, if you're serious about buying a home, it's an important first step before beginning your search, rather than waiting until you've found the ideal home.