Should I get pre-approved for a mortgage before I start looking at homes?
Absolutely! I strongly recommend obtaining a mortgage pre-approval before we begin viewing properties. It helps establish your budget, gives you a better understanding of your potential monthly payments, and allows us to focus on homes that make financial sense. It can also make the offer process smoother when you find the right property. Keep in mind that pre-approval isn't a guarantee of final financing, as your lender will still need to approve the property and verify your financial information.

Mortgage Pre-Approval: Key Points


  • A pre-approval sets a realistic budget before you start viewing homes.
  • Many lenders hold a rate for a set period, often 90 to 120 days.
  • It helps you move quickly when the right home comes along.
  • It is not a final approval. The lender still reviews the property and your documents.

What a Pre-Approval Involves


A lender or mortgage broker reviews your income, employment, credit history, debts, and down payment. You'll usually provide pay stubs, an employment letter, tax documents, and proof of your down payment. Self-employed buyers may need additional documents, such as two years of tax returns.


Benefits of Getting Pre-Approved


  • You know your price range before falling in love with a home
  • You can estimate monthly payments
  • A rate hold can protect you if rates rise
  • Your offer can be prepared with more confidence, especially in competitive situations

Pre-Qualification vs. Pre-Approval


A pre-qualification is usually a quick estimate based on information you provide. A pre-approval involves a credit check and a review of documents, making it far more reliable.


Protect Your Approval


Between pre-approval and closing, avoid changing jobs, taking on new debt, making large purchases, or moving your down payment funds without talking to your lender. Any of these can affect your final approval.


Next Steps


If you'd like, I can recommend mortgage professionals I trust. Once you have your pre-approval, we can focus our search on homes that fit your plan.