Your very first step — even before you start looking for a home — is to get pre-approved for a mortgage. To determine whether you’re preapproved, we will review your financial information, such as your income and your debts, and run a credit check.
Keep in mind that getting prequalified and getting preapproved mean two different things. In general, a preapproval serves as an indication from a lender that you’ll be approved for a certain amount of financing — provided your financial situation doesn’t change.
A prequalification is simply an indication you could be approved for a loan. Obtaining a preapproval usually requires you to furnish more information to the lender compared to a prequalification.
