A pre-approval shows your realtor or homebuilder you are a
serious buyer. Once you start searching for your home, it will enable you to
negotiate a better price with the seller. The process of getting pre-approved
will vary slightly by lender, but will typically require you submit a loan
application.
Your Lender Will Need An Application in Order to:
Pull your credit report
Determine the amount of home you can afford
Determine your likelihood of gaining a full approval
Some lenders may offer a pre-qualification which only provides a ballpark estimate of your borrowing power,
and does not verify your income, assets or credit.
