Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

mortgage pre-approval
  York County Pennsylvania here!
  All comsumers need to know this! !!!!
  
  
One lender is all you need, and you may or may not end up working with that lender.
  
A mortgage pre-approval is the same as an approval in the sense that both involve a check of your finances and your credit. Pre-approval is something less than approval, however, because the property value is preliminary and won't be definitively established until you have a purchase contract. Furthermore, a pre-approval may not specify a mortgage price, and if it does specify a price, it is not binding on the lender.
  
So what exactly is it? It is a statement of opinion by a lender that a prospective buyer has the income, assets and credit to carry the mortgage required to purchase a house of some assumed value. Since the borrower's mortgage-carrying capacity depends on an interest rate that is not yet known, and since the price of the house is preliminary, a pre-approval has a lot of slack.
  
It is adequate, however, for the purpose for which it is intended. That purpose is to convince a home-seller that a prospective buyer has the ... more

__________________________________________________
Are you on The Rain? Grow Your Network!