How Do I Get Pre Approved for a Mortgage?


Why is mortgage pre approval so important? Because neither sellers nor real estate agents can afford to waste time with unqualified buyers.

posted by: What's My Payment?

I could go on and on about the importance of contacting a lender prior to looking for homes, but the summary above is really all you need to know. People are busy, time is valuable, etc...

Real estate agents are paid commission. Spending weeks, or even months, with a client who isn't qualified to buy isn't on the top of their list of fun ways to spend a weekend.

More importantly though, looking for a home without first being pre approved is a giant waste of YOUR time. Maybe you have great credit and a good job and assume you will have no trouble finding a loan. You probably do qualify. But what is worse than finding your dream home and discovering while yes, you qualify; the amount for which you qualify is not enough?

Preventing this is easy: Get matched with lenders here.

Once pre approved you will be provided a pre approval letter to present to sellers and real estate agents. They will know you are serious about buying and have taken the necessary steps to ensure your offer will close.

Next: VA Funding Fee Chart

*Every effort is made to post valid, up to date information. Mortgage guidelines and programs constantly change. Therefore, the content of each post should be viewed and used as a starting point. Please contact us for current guidelines pertaining to this post or for more information.

back to top Featured Mortgage Rates

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
→ Request a Quote

*All calculations on are for demonstration purposes only.
Every effort is made to maintain accurate calculations for each program listed. Actual numbers may vary.

Equal Housing Lender
What's My Payment, LLC and are not affiliated with any government agency, nor do we originate mortgage loans.
powered by SecureRights

Looking to refinance? click here

Excellent Credit

Pay everything on time. 700 plus credit score.

Good Credit

Pay on time with an occasional 30 day late payment. 640-700

Fair Credit

Some late payments and/or collections. 600-640

Poor Credit

Late payments, collections, judgments, bankruptcy. < 600

YES - Within the last three years.
YES - Between three & seven years ago.
YES - More than seven years ago.