Loan Pre approval


Mortgage loan pre-approval

A pre-approval is generally a written statement from a lender stating the lender’s preliminary determination that a borrower would qualify for a particular loan amount under that lender’s guidelines. The determination and loan amount are based on income and credit information. Most pre-approval letters are good for 60 to 90 days.

Does Pre-Approval Guarantee a Loan?

No. Even if you receive a pre-approval letter from a lender you connected with on Zillow, you may not get a loan from a lender and you are not guaranteed a specific rate or loan term. Regardless of pre-approval, a lender may require additional income and asset verification, as well as the satisfaction of other conditions, before extending you a loan. Pre-approval letters are subject to modification or cancellation if your financial situation or other conditions change. A pre-approval letter is not an offer to lend, a commitment to make a loan, or a guarantee of specific rates or terms. This online questionnaire is not an application for credit. Also, having a pre-approval letter does not guarantee that an offer you make on a home will be accepted by a seller.

Have you been pre-approved yet? Find a local lender on Zillow who can help

Why Should You Get Pre-Approved?

There are many reasons why you should get pre-approved. The most important reason is that you will get an accurate idea of how much home you can afford. This can help to target your home search and ensure you only look at houses that are truly in your price range. A pre-approval letter also helps you prove to real estate agents and sellers that you’re a credible buyer and able to act fast when you find the home you want to buy. Some sellers might even require buyers to submit a pre-approval letter with their offers, though having a pre-approval letter does not guarantee that your offer will be accepted by a seller. A pre-approval letter can make you stand out in a competitive real estate market. If you make an offer on a house without a pre-approval, your offer may not be taken as seriously as an offer from another person with a pre-approval.

Interesting facts

  • In lending, pre-approval has two meanings:
    1. The first is that a lender, via public or proprietary information, feels that a potential borrower is completely credit worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it. This...
  • 'CompraoAlquila' is an online real estate service portal launched on January 15, 2004. It was founded by Giancarlo Gonzalez and Alberto Casas, individual entrepreneurs who worked on numerous web portals before launching their own product. CompraoAlquila fills a major void in Puerto Rico Real Estate, where real estate brokers were struggling to...

Additional information


Why Get Pre Approved For A Loan
Why Get Pre Approved For A Loan
Pre Qualified vs Pre Approved, Mortgage Loans with Chris
Pre Qualified vs Pre Approved, Mortgage Loans with Chris ...
Pre-approval for a home loan - f.irstloan.blogspot.com
Pre-approval for a home loan - fwww.irstloan.blogspot.com
Georges Excel Loan Calculator v3.1 - Mortgage Home Loan Calculator with Amortization Schedule, Extra Principal Payments, and Scenario Comparison - Excel Spreadsheet Template - Requires Microsoft Excel 2007, Excel 2010, Excel 2013 or higher [Download]
Digital Software (George Alzamora-292329-292329)
  • Mortgage home loan calculator with amortization schedule.
  • Mortgage calculator includes optional extra principal payments where you can add fixed extra payments or change the amount of the extra principal payment each month...
  • Separate worksheet to compare three mortgage loans. For example, compare 30 vs 15 vs 10 year loans at various amounts, interest rates, and additional payments...
  • Amortization schedules / tables that show loan balance and payment breakdown on a monthly basis are automatically calculated by Excel by entering loan amount, annual...
  • Charts / Graphs are displayed that show key information to help visually compare different mortgage loan scenarios based on loan amount, interest rates, terms in...
Need a Home Loan Pre Approval?
Need a Home Loan Pre Approval?
FHA Loan Pre Approval Quotes and Rates - HomeLoansForAll
FHA Loan Pre Approval Quotes and Rates - HomeLoansForAll ...
United Home Loans - Get Preapproved for a mortgage today!
United Home Loans - Get Preapproved for a mortgage today!
Buyers documents for loan pre approval
Buyers documents for loan pre approval
Option to Buy Veterans Home Loan Pre Approval for Home Loans
Option to Buy Veterans Home Loan Pre Approval for Home Loans
How to Get Instant Home Loan Pre-Approval!
How to Get Instant Home Loan Pre-Approval!

Popular Q&A

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How much of a commitment is loan pre-approval? | Yahoo Answers

I'm looking to buy a car, and will probably finance through my bank. All my research on the subject says I should get pre-approved before I go to the dealership, but I feel like I'm not going to be 100% sure I want that particular car before I go test drive it. So is it a big deal if I get pre-approved, go...

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Home loan pre approvals?

Are these worth doing before inspecting a property? Site's like these claim to save you time by finding several pre-approved loan amounts but are they worth the paper they are written on? Are these worth doing before inspecting a property?  [site deleted by Zillow moderator. Please see our good Neighbor Policy for posting guidelines]