Step 2 of 5 · The industry calls this "Pre-Approval"
What Pre-Approval Actually Means
Real numbers, checked against real lenders, so you know your true price range.
Written by the East Coast Mortgage team
Editorial review: East Coast Mortgage, NMLS #2354674 · Last reviewed
A pre-approval is a review of your credit, income, and assets that shows how much you are likely to be able to borrow. Think of it as knowing your real budget before you start shopping for a home, so you're not falling in love with a house you can't get financed.
A lot of pre-approvals out there are just a credit check and a round number. Ours are checked against the actual rules of the lenders most likely to work for your situation, so the number is much more likely to hold up when you're ready to make an offer.
Sources
General information, not advice for your specific situation. Program rules come from the agencies above and from each lender, and they change. A licensed loan officer confirms what applies to you.
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