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An important first step in the house buying process is to meet with a mortgage lender and discuss your plans.  Your lender can go over the many different loan programs that may be available to you, and help you determine how much home you can afford.  Your lender can also help you identify any unknown issues in your credit file that may prevent or delay your financing plans, and may be able to give advice on how to fix the issues so you can move forward.  

  • A mortgage preapproval is not the same as a prequalification, and just because you've been preapproved for a mortgage doesn't necessarily mean you'll automatically get final approval to purchase.  It can get confusing, so here's a guideline:
  • Pre-qualification means the lender has reviewed your basic financial situation, including monthly income and debts.  It's not a very in-depth process, as the lender may or may not have obtained a credit report for you yet.  The lender is simply basing the qualification decision on a conversation or very limited review of your credit background.
  • Pre-approval is a more accurate version of pre-qualification.  When you get preapproved for a mortgage loan the lender will have taken time to verify your financial background, request documentation to back it up, and obtain a credit report for you.  This also gives a more accurate idea of how much you can borrow.   A lender typically issues a "conditional' preapproval, depending on an acceptable appraisal of the home being purchased and an in-depth review of a borrower's financial qualifications by their underwriting department.  
  • Approval refers to the final mortgage loan approval by the lender after successful verification of income, credit history, and underwriting approval.

In this highly competitive market, a home buyer with a pre-approval letter is in the best position to prove to a home seller they are ready, willing, and able to go through with the home purchase.  

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/27/2023. The listing information on this page last changed on 03/27/2023. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of MichRic (Michigan Regional Information Center) (last updated Mon 03/27/2023 6:12:02 PM EST) or RealComp MLS (last updated Mon 03/27/2023 6:50:59 AM EST) or Dayton MLS (last updated Mon 03/27/2023 6:15:12 PM EST) or NORIS MLS (last updated Mon 03/27/2023 6:14:06 PM EST) or CBRMLS (last updated Mon 03/27/2023 6:14:27 PM EST) or Multiple Listing Service of Greater Cincinnati (last updated Mon 03/27/2023 6:10:24 PM EST) or AAR MLS (last updated Mon 03/27/2023 6:15:26 PM EST) or Wrist MLS (last updated Mon 03/27/2023 6:14:33 PM EST) or Firelands MLS (last updated Mon 03/27/2023 6:11:24 PM EST) or West Central MLS (last updated Mon 03/27/2023 5:46:25 PM EST) or Fort Myers (last updated Mon 03/27/2023 6:16:16 PM EST) or MLS NOW (last updated Mon 03/27/2023 6:12:36 PM EST) or Northern Great Lakes Association of Realtors (last updated Mon 03/27/2023 6:04:20 PM EST) or Mansfield MLS (last updated Mon 03/27/2023 6:12:10 PM EST) or Knox County MLS (last updated Mon 03/27/2023 6:08:45 PM EST) or Upper Peninsula MLS (last updated Mon 03/27/2023 6:13:02 PM EST) or Greater Lansing MLS (last updated Mon 03/27/2023 6:15:21 PM EST) or SEBAR MLS (last updated Mon 03/27/2023 6:14:26 PM EST) or Lancaster MLS (last updated Fri 03/19/2021 11:17:13 AM EST) or Jackson MI MLS (last updated Tue 08/03/2021 2:09:13 PM EST) or Water Wonderland MLS (last updated Mon 03/27/2023 4:57:00 PM EST) or Utah MLS (last updated Mon 03/27/2023 6:14:16 PM EST) or Eastern Upper Peninsula MLS (last updated Mon 03/27/2023 5:59:33 PM EST) or Scioto Valley MLS (last updated Mon 03/27/2023 4:02:28 PM EST) or Northern Michigan MLS (last updated Mon 03/27/2023 3:34:00 PM EST). Real estate listings held by brokerage firms other than Key Realty, LTD may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --

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