Why Get Pre-Approved?
Understanding the benefits of mortgage pre-approval for your home buying journey
What is Pre-Approval?
Getting pre-approved for a mortgage is one of the most important steps in the home buying process. It's a preliminary evaluation by a lender that determines how much money you can borrow and at what interest rate.
Unlike pre-qualification, which is based on self-reported financial information, pre-approval requires documentation and verification of your income, assets, and credit history.
Key Benefits of Getting Pre-Approved
Know Your Budget
Understand exactly how much house you can afford before you start shopping. This prevents wasting time looking at properties outside your price range.
Faster Closing
Since much of the paperwork is already completed, you can close on your home faster than buyers who aren't pre-approved.
Stronger Offers
Sellers take your offers more seriously when they know you're pre-approved. In competitive markets, this can be the deciding factor.
Lock in Rates
Some lenders allow you to lock in your interest rate for a certain period, protecting you from rate increases while you shop for homes.
The Pre-Approval Process
Gather Your Documents
Collect recent pay stubs, tax returns, bank statements, and information about your debts and assets.
Complete the Application
Fill out a mortgage application with your chosen lender. This includes personal, employment, and financial information.
Credit Check & Verification
The lender will run a credit check and verify your income, employment, and assets.
Receive Your Pre-Approval Letter
If approved, you'll receive a letter stating the loan amount and terms you qualify for.
Important Things to Remember
Pre-Approval is Not a Guarantee
Pre-approval is based on the information you provide and your current financial situation. Final approval depends on the specific property and updated financial verification.
Maintain Your Financial Status
Don't make major purchases, change jobs, or take on new debt during the home buying process. These changes could affect your final approval.
Shop Around
Different lenders may offer different rates and terms. It's worth getting pre-approved with multiple lenders to compare your options.
Need Help with Pre-Approval?
Our SnapDwell Assistant can answer your questions about the pre-approval process, help you understand what documents you'll need, and guide you through next steps.
Ready to Get Pre-Approved?
Take the first step toward homeownership with confidence. Get pre-approved today and start shopping for your dream home with a clear budget in mind.