Prequalification, preapproval, and your buying plan

Ask about the review, not just the name

Lenders use “prequalification” and “preapproval” differently. One review may rely mainly on information you provide; another may examine credit and supporting documents. Ask which information was verified, whether underwriting was involved, and what remains before final approval.

Use an online estimate to prepare

Our buying-power and payment tools help you explore assumptions without submitting a credit application. They do not verify income, assets, debts, or mortgage credit and do not produce a preapproval. A useful next step is to compare the illustrated payment with your real budget before requesting a financing review.

Understand the limits of a letter

A preapproval is a lender’s tentative willingness to lend subject to its stated conditions. It is not a guarantee. The property, appraisal, title, insurance, final documentation, and continued financial eligibility can still affect the decision. Read the expiration date and ask when the review needs to be refreshed.

Prepare the details that affect your options

• Income sources and employment history, including variable or self-employed earnings.
• Monthly debt obligations and any other properties.
• Down-payment funds, gift funds, closing-cost funds, and reserves.
• Target location, property type, timeline, and comfortable payment.

Ask how credit will be reviewed and read any authorization before submitting it. Provide private records through the secure portal, rather than an ordinary website message.

Keep the plan current as you shop

Check the numbers when the property, price, down payment, interest-rate assumptions, or timeline changes. Let the team know about new debt, a job change, or a major transfer of funds. Before making an offer, coordinate the financing assumptions and deadlines with your real estate agent.

If you are ready for a document-based review, start a secure application. If you are still exploring, a planning conversation can help you identify what to do first.