Getting prequalified through our online tool means that we have taken a look at the information you have provided and given you an approximate price range of the home you can afford and the monthly payments. It is a good estimate of the mortgage you might qualify for. After you find the home you’re looking for and make an offer, a preapproval is the next step. This is when we will look more deeply into your financial situation. We will review your credit report, pay stubs, bank statements, and more to document your eligibility for the mortgage.