What a pre-approval does, and what it does not
Tyler SomersMortgage Agent
A pre-approval tells you how much a lender is prepared to lend you, and at what rate, before you make an offer on a home.
What it does
- Gives you a budget based on your income, debts, down payment and credit.
- Holds a rate while you shop, often for up to 120 days.
- Shows sellers that a lender has already looked at your financing.
What it does not do
A pre-approval is not the final approval. The lender still has to approve the property, and may ask for an appraisal. If your income, debts or credit change before closing, the answer can change too.
Until you close
Keep things steady. Avoid new loans and large purchases on credit, and talk to me before you change jobs.
It starts with a 15-minute call. Book a call.
General information, not advice for your situation. Rules and rates change. Call me and we will look at your numbers.