Definition
This is the lender's initial review of your credit, income, and assets to see how much you can borrow and at what rate. It shows sellers you're a serious, qualified buyer.
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Find my pathAbout this term
Pre-approval reviews credit, income, assets. Conditional approval pending verification. Maximum loan amount determined. Shopping period begins. Pre-approval is not guarantee. Conditional approval follows property selection. Clear-to-close is final approval. Pre-approval strengthens offers. Pre-approved buyers close faster. Shopping with pre-approval recommended. Conditional approval converts to clear-to-close. Timeline: pre-approval 1-3 days. Essential for competitive buyers.
Pro Tip
Get pre-approved before house shopping. It strengthens your offers and enables faster closing.
Example
Mortgage pre-approval of $400,000 qualified buyer to shop properties confidently.