Preapproval is the nearest you can get to proving your credit ratings without a purchase agreement. You will complete a mortgage application, which we will review. Here is some guidance to help you get started on the path to a great investment. If you do not want to apply for a loan until you are ready to make an offer on a property, going through the pre-approval process allows you to address any concerns on your credit score, budget for a bigger down payment, and determine how much you can afford.
You might find the ideal house in a marketplace, but you will not be able to make a bid because you do not know if it is still within your price range. Other, better-prepared consumers can be willing to make a bid right away, so they know what fits their budget or overall economic situation.