What Is a Mortgage Pre-Approval?

A mortgage pre-approval is an essential first step in your homebuying journey. It’s a comprehensive review of your financial situation, where a lender evaluates your income, assets, and credit history to determine how much you’re qualified to borrow. Getting pre-approved not only gives you a clear picture of what you can afford but also positions you as a serious buyer when you start house hunting.

What You’ll Learn During the Pre-Approval Process:

• Maximum Loan Amount: The pre-approval process will determine the maximum mortgage amount you qualify for, helping you set a realistic budget.
• Estimated Monthly Payments: You’ll receive an estimate of what your monthly mortgage payments will look like based on the amount you’re approved for, including principal, interest, taxes, and insurance.
• Current Interest Rate: Your pre-approval will include the current interest rate you qualify for, which can be subject to change until you lock in a rate later in the process.

Why Get Pre-Approved?

• Competitive Edge: A pre-approval letter shows sellers that you’re a serious buyer, giving you a competitive edge in a tight housing market.
• Faster Closing: With your financial information already reviewed, the mortgage process can move more quickly once you’ve found a home, potentially leading to a faster closing.
• Clear Financial Picture: Knowing how much you can borrow helps you focus on homes within your budget, saving time and reducing the risk of falling in love with a home you can’t afford.

Ready to Get Pre-Approved?

At Lendmire, we make the pre-approval process simple and straightforward. Our mortgage experts are here to guide you through every step, ensuring you have all the information you need to start your homebuying journey with confidence. Contact us today to get started on your mortgage pre-approval and move one step closer to owning your dream home.

Complete the questionnaire below to start a discussion about your mortgage needs.