Preapproval
Bring more clarity to the search.
A lender’s early review can help you understand a potential borrowing range and identify questions before you make an offer.
Understand what was reviewed
Ask what information supports the letter, which conditions remain and how long it is valid. Lenders may use prequalification and preapproval differently.
Know the limits
A preapproval is not a guaranteed loan offer. Final approval can depend on updated financial information, the property and the lender’s underwriting requirements.
Keep your plans aligned
Tell your lender about changes that may affect the application. Keep your agent informed of the budget and timing you are comfortable with.
Helpful resource: CFPB homebuying tools. Loan options and requirements vary. Discuss your circumstances with a licensed lender.