Mortgage Preapproval Guide
Preapproval has conditions
A preapproval is a lender’s preliminary assessment based on information available at that stage. It can help frame a search but is not a binding commitment to lend.
The approved maximum is not a personal budget recommendation. Include all housing expenses and reserves before choosing your target payment.
Documents and accuracy
Lenders may review income, employment, assets, debts and credit and request supporting documents. Review scope and expiration vary by lender.
Provide accurate information, ask which conditions remain and discuss changes in employment, debts or assets. Avoid assuming that a short online form completes underwriting.
From preliminary to final
Final review usually includes updated borrower information, the property and loan terms. The appraisal, title review and other conditions can affect closing.
Compare Loan Estimates when available and review the Closing Disclosure before signing. A quote request on this site is not preapproval, an application approval or a rate lock.