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.