Maidwell Group

What is pre-approval?

Mortgage pre-approval is the first step in the mortgage process for buying a property. A mortgage pre-approval means you are approved for a specific purchase price and loan amount.

With a pre-approval, you provide an overview of your finances, income, and debts to a mortgage lender. The mortgage lender then gives you an estimated loan amount and interest rate.

Your pre-approval is usually valid for a particular time period, such as 90 days. A mortgage pre-approval can be useful as an estimate of how much you can afford to spend on a home.

​

How is pre-approval helpful?

Once you find your property, things tend to move quickly. Waiting to visit a lender can keep you from getting the house of your dreams, especially if there are other interested buyers.

​

Getting pre-approval for your property can:

• Move you one step closer to home ownership

• Help you understand the loan amount you may be able to afford

• Provide confidence in your ability to obtain financing

• Demonstrate your creditworthiness to the seller for the purchase amount

• Reduce timelines and improves our ability to close your loan fast

​

Can Maidwell Group get me a pre-approval?

Yes we provide a free pre-approval service. Click Here to contact us!