Mortgage preapproval is tentative approval that can help you understand how much you may be able to borrow. Learn how it works.
Discover the steps to secure mortgage preapproval and why it's important for your homebuying process.
If you’re at the start of your homebuying journey, getting preapproved for a mortgage is one of the first steps. ; Preapproval helps you determine your budget and show sellers you’re serious about buying. That can make a critical difference in a competitive real estate market. ; Below, CNBC Select breaks down how a mortgage preapproval works, why it’s a good thing and more.
When Katerina Matsa and her husband became interested in buying a house in Washington, D.C. two years ago, she first turned to real estate listing websites such as Zillow and Redfin. Like many others, she was drawn to the seemingly endless photos of remodeled kitchens and newly planted gardens. Once she was ready for more substantive action, she reached out to a real estate agent whom she knew through her social circle. She never considered contacting a mortgage lender, let alone becoming preapproved for a loan at this point in the process. “ ...
A mortgage preapproval will give you a good idea of your home loan options, price range, and how much your monthly payment might be. Learn how to get preapproved.
Online mortgage lenders make it easy to shop rates and apply for a mortgage online. Browse our picks for the best online lenders.
If you’re ready to make your dream of owning a home a reality, you’ve probably already heard that you should consider getting prequalified [1] or preapproved [2] for a mortgage. It’s time to understand exactly what each of those terms means and how they might help you. And when you’re working toward a goal this big, you want every advantage. Ready to prequalify or apply? Get started · Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you...
Explore the best mortgage lenders — a list that spans banks, credit unions and online companies — and learn how to optimize the shopping process.
Key takeaways ; Prequalification is a simple, quick process that provides a general indication whether you would qualify for a mortgage. ; Preapproval requires providing extensive documentation regarding your income, employment, savings and debt. ; You can’t use a prequalification as evidence of financing when making an offer on a home.
If you’re just starting your new home search, mortgage prequalification can help you better understand available mortgage options and how much house you can afford. Receiving a lender’s prequalification nod isn’t a guaranteed loan offer, but the process is straightforward and usually can be completed in just a few minutes online. When you’re about ready to make an offer on a home, you may want to consider mortgage preapproval, which is a step closer to a loan green light. Preapproval can arm you with the confidence you need to make a co ...