Get the letter right before you make the offer
Mortgage preapproval, handled before the house hunt
Desk answer
A preapproval is a lender's written statement that, based on documents and credit they have reviewed, they are tentatively willing to lend you up to a set amount. It is stronger than a prequalification, which usually relies on what you tell the lender, but it is still conditional until the home, appraisal and final underwriting are done.
Last reviewed against the primary sources listed below.
ToolReadiness checkerTick off documents and track your letter's expiry.Step 01Prequal vs preapprovalThree levels of a lender's 'yes'.Step 02What the letter saysAnd what it does not promise.Step 03How long it lastsRenewing before it runs out.Step 04What can void itMoves to avoid until closing.Step 05Credit inquiriesHow shopping lenders affects your score.Step 06An offer-specific letterMatching the letter to the house.
How to use the Desk
- Gather documents with the readiness checker.
- Learn which kind of letter you are being offered.
- Watch the expiry date and the deal-breakers until closing.