Ask Mike! »  Pre-approval

Q: Should I get pre-approved for my loan before house shopping?

A: Yes, a pre-approval can save time and reduce stress. Getting pre-approved means you receive a loan commitment from your mortgage lender before you begin looking for the perfect home to buy. With a pre-approval, you know exactly what price range you can afford and you demonstrate to the seller that you are a serious buyer.

The pre-approval process is similar to a regular loan application. Your lender will gather your credit information and determine what loan program best fits your needs, and then provide you with a pre-approval commitment letter.