What is a Mortgage Pre-Approval?
By Lisa Perry - NMLS # 276329, Northern VA - VHDA, 100% Loans - Jumbo Loans
(FHA, VA, Jumbo, Downpayment Assistance, Conv.)
The very first step in buying a home is making the decision that you’re ready to buy. The next step after that is determining how much you can afford and what your financing options are.Getting pre-approved by a lender will help you accomplish both of those. It will also help set you apart from other potential buyers, showing a seller that you’re serious about buying and have the ability to get approved for a loan on the home.Now that you know you need to get pre-approved, you’re probably still left with some questions. What does pre-approval entail? How long does the process take? We will explain all the basics of getting pre-approved for a mortgage below. What Does Mortgage Pre-Approval Mean?You could guess that mortgage pre-approval means just that – you are pre-approved for a home ...
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