Resource for Buyers

Get Approved for a Mortgage

Warren James Realty | Home buyers' pre-approval

Before beginning your home search and walking properties, your first step should be to get a letter from your financial institution which verifies the amount you may be pre-approved or pre-qualified for if you need to apply for a mortgage to make a housing purchase.

Getting pre-qualified or pre-approved is of utmost importance prior to making an offer on a home so that a copy can be provided to the seller when you make your offer to purchase. Because financial institutions often use the terms “pre-approved” and “pre-qualified” interchangeably, you may want to find out what process your lender will follow in providing your letter to you.

“Pre-qualification” is often seen as the initial step in which you will provide information regarding your financial condition such as income, assets, debts and credit score. Pre-qualification often involves you self-reporting the information to the lender.

“Pre-approval” typically requires a deeper dive into your financial situation, and will likely include written verification of your income and assets as well as a credit check which will show up as an inquiry on your credit report.

Let us know if you need help or assistance finding a lender.

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