What to Expect When Getting Pre-Approved for a Mortgage

This is a guest post from Little Miss Moneybags

If you’re house-hunting, a mortgage pre-approval is a great thing to have in your back pocket. It shows real estate agents and sellers that you’re serious, and can help move the final home-buying process along much more quickly. Here’s an overview of how to get pre-approved, and what to expect along the way.

Preparation: Before looking for a mortgage broker, make sure there will be no surprises. Pull your credit report from all three agencies (along with your partner or spouse’s report, if you’re buying the house with another person). You can do this for free once a year at AnnualCreditReport.com, or you can pay a

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3 Responses to What to Expect When Getting Pre-Approved for a Mortgage

  1. david says:

    I made the mistake of not getting preapproved when I looked for a home for the first time. I found a house I loved, made a bid, but end up losing it when I ran into some approval issues and the seller decided to sell to someone else. I’ll never make that mistake again.

  2. Ginny says:

    In my experience, sellers seem to take your offers a lot more seriously if you have been pre approved for a loan. I guess that makes sense since if you went through the trouble, it shows that you are serious. The three times we have purchased homes , we have always been pre approved.

  3. Bethy says:

    Thanks for mentioning CreditKarma.com! Just to clarify, the scores we provide aren’t estimates. We provide three credit scores, all from TransUnion, one of the three major credit bureaus. The scores you can get for free at CreditKarma.com are your TransRisk score, VantageScore, and Auto Insurance score. We believe it’s your right to check your credit score for free, so you can do so everyday on our site. Keep up the Karma!

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