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Mortgage Pre-Approval
A pre-approval gives you a clearer picture of what may be workable before you start writing offers. John can help you organize the financial pieces, understand what a lender is likely to review, and surface questions before they become last-minute problems.
Start with the distinction
Pre-qualification and pre-approval are not the same thing.
Both can be useful early in the homebuying process, but they usually reflect different levels of review. The exact terminology and requirements can vary by lender, so it is worth understanding what sits behind the letter you are using.
Pre-qualification
Often based primarily on financial information you provide. It can help start a conversation about price range and loan options, but it may involve limited verification.
Pre-approval
Typically involves review of credit, income, assets, and debts. It is still not final loan approval and remains subject to underwriting, the property, and program requirements.
Before the offer
Why pre-approval can make the buying process easier.
When more of the financing work happens before you find the property, you can make decisions with better context and fewer surprises.
- Understand a realistic financing range before shopping too far above or below it.
- Have a lender letter ready when a seller or real estate agent asks for one with an offer.
- Identify documentation or credit questions while there is still time to address them.
- Move more efficiently once you find a property you want to pursue.
Getting started with John
What John may need first.
A pre-approval review commonly begins with a completed loan application and authorization to review credit information. From there, the documentation depends on how you earn income, where your funds are held, the loan program, and the details of the file.
John's full mortgage checklist separates the common items from the documents that only apply in certain situations.
Open the Loan Checklist