Know What the Letter Means
A pre-approval indicates a lender's tentative willingness to lend, subject to its assumptions and further review. It is not a guaranteed loan offer. The lender's process and the information it reviews can vary.
Keep Your Own Budget in View
A potential loan amount is not a spending recommendation. Your family expenses, savings plans, and comfort with the monthly payment belong in the decision too.
Ask Before You Shop
Make sure you understand the letter and what could change as your purchase moves forward.
- Which documents and credit information have been reviewed?
- What conditions remain, and when does the letter expire?
- What changes to my income, debts, or plans should I discuss with you?
Further reading: CFPB: Get a preapproval letter
General educational information, not an offer or individual financial advice. Loan availability and qualification vary.
Talk Through Your Questions.
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