Smart buyers line up the financing before shopping or putting in offers.
With a pre-approval in hand, it's like shopping with cash. Choose Your Lender Wisely Mortgage calculator . Pre-approval generally means that your credit report has been pulled, detailed information about your current and past financial situation has been analyzed and perhaps gone over by an underwriter for the institution. A ballpark pricerange has been given to you, and you're often given a letter to show sellers. Pre-qualification means that your income and current debts have been plugged into a mathematical formula and a ballpark price range has been given to you.