Ready to start looking for a new home? Not until you’re pre-qualified for a mortgage! Even if you’re just browsing, you want to know the price range you’ll be working with. While it’s not a 100% guarantee that you’ll receive a loan for that amount, a pre-qualification will give you a ballpark figure, usually without impacting your credit score.
When you’re getting serious about buying, a pre-approval is a great option. You’ll submit more information and the lender will verify employment, income, and look at your credit. Because your financial information will be reviewed more closely, a pre-approval is much closer to getting the actual loan. Plus, sellers will know you’re a serious buyer when you have that pre-approval letter in hand.