Week 3

Pre Approval

If homeownership is at the top of your to-dos, getting pre-approved is one of the first, and most important, steps. 

While prospective lenders will have plenty of questions for you, don’t be afraid to find the right lender and loan by asking a host of questions all your own. 

Here are a few to get you started:

• What type of loan do you recommend for me? Why?

• Will my down payment vary based on the loan I choose?

• What is the interest rate and the annual percentage rate (APR)?

• Can I lock-in an interest rate?

• What will my closing costs be?

Don’t understand something your lender says? Stop and ask for clarification. This is your homebuying journey and you deserve to understand the process every step of the way. 

Keep in mind that since a pre-approval is only valid for 30-90 days depending on the lender, you’ll want to wait to meet with lenders until you’re ready to seriously search for a home.

Have you talked to a lender about getting pre-approved for a loan? I'd love to help you get the ball rolling on this with my list of recommended lenders. Let me know if I can help!