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Home Shopping?

Get Pre-Approved

Whether you’re a first-time homebuyer or further along in your home-ownership journey, it’s always in your best interest to discuss your financial situation with us first to obtain a pre-approval before house shopping.


Pre-Approval vs. Pre-Qualification vs. Rate Hold. 

A pre-approval is a formal process you go through with your mortgage professional and lender to get an approved dollar amount, also known as your borrowing power.

This process involves a credit check with full disclosure of income, verification of your down payment, and a detailed discussion of your assets and liabilities. It will ensure you are shopping within your budget. This straightforward process will also uncover whether you need a co-signer to assist in your home purchase.  

Note: It is essential to understand that if your mortgagee/lender has not prepared all the steps mentioned above yet ascertains that you are “pre-approved,” this is actually just a “pre-qualification” and holds no real merit. A potential home buyer must be approved using the pre-approval process above.

During the pre-approval process, a rate and term are discussed. Your Mortgage Professionals team can hold lender rates for up to 120 days (rate hold). If the rates fall at any point, you can still get those rates; if they increase, you are unaffected. It’s a win-win scenario.

Key Take-Away

Tailored Experience

Get Pre-Approved First

In today’s market, you want a pre-approval so you can actively house-hunt within your means. Knowing your purchasing power while entering into a homeownership journey will ensure you can shop with confidence. 

Note:  A “pre-approval” does NOT replace a financing condition, but it will give you a much clearer picture of how your offer will fair in this competitive market.