What is a preapproval?

  • Requested by your Realtor during your home search.
  • A tool to help you in the home buying process.
  • Similar to a prequalification, but is a more detailed assessment of how much you can borrow.
  • It allows you to review your credit report with a mortgage loan officer and begin to understand what your lending options are.
  • Gives you the opportunity to have a detailed conversation and discuss your situation and your goals.
  • Allows time to ask questions and learn about the mortgage lending process.
  • Can be done on the phone or in person.