Get Preapproved for a Mortgage
Getting preapproved gives you a number of advantages when you start searching for a home.
Know Your Price Range
Don’t waste time shopping outside your budget. A preapproval tells you exactly what you can afford.
Make a Winning Offer
A preapproval shows sellers that you’re a serious buyer who won’t run into financing problems.
Get to Closing Faster
Get a head start on your application so you can put more of your focus on moving in to your new home.
How to Get Preapproved for a Mortgage
You can get preapproved online in minutes with Rocket Mortgage®, or you can get preapproved by calling a Home Loan Expert at (800) 251-9080. Here’s an overview of what you’ll need to provide no matter which way you choose:
- Your personal information: We’ll ask for your name, contact information and information about anyone who will be listed on the loan with you, like your spouse.
- Your desired location: Have a house in mind already? We’ll ask for the address. Not sure which house you want to buy? That’s OK too – just let us know what cities you’re looking in.
- Your income information: We’ll need to know details about your income and employment situation.
- Your assets and debts: In order to give you accurate numbers, we’ll ask about your assets (like savings accounts or property) and any debt you’re carrying (like credit cards, car loans, student loans or other mortgages). We’ll also check your credit at this time so we can give you an accurate interest rate.
If you have additional questions, you can chat with a Home Loan Expert or call (800) 251-9080.
Common Questions About Preapprovals
What’s the difference between a preapproval and a prequalification?
A preapproval takes a more thorough look at your finances than a prequalification does. Because a preapproval involves a review of your credit history, income, assets and debt, it is a surer estimate of how much you can get approved for.
What is a preapproval letter or PAL?
A preapproval letter (PAL) states how much you can get approved for and what your interest rate will be. Once you’re preapproved, we’ll create a preapproval letter that you can download and print.
Does a preapproval letter guarantee what I can get approved for?
A preapproval letter is a first look at what you can expect to be approved for. Once you’ve found a home and your offer has been accepted, we’ll complete a formal underwriting review, or a more thorough review of your home loan application and finances.
How long does it take to get preapproved for a mortgage?
With Rocket Mortgage®, you can get preapproved for a mortgage in minutes. If you want to talk to a Home Loan Expert instead, you can usually get preapproved in just a phone call.
Does getting preapproved commit me to anything?
No. Getting preapproved does not mean you are obligated to get a mortgage with us or anyone else. We offer preapprovals as a service to help you know what you can afford.
Do preapprovals expire?
Preapprovals expire after 90 days. If you haven’t made an offer within 90 days of getting a preapproval letter, you can call your Home Loan Expert to renew it.
Will getting preapproved affect my credit score?
We’ll have to check your credit to preapprove you, and this can lower your score by a few points. However, if multiple lenders check your credit over a short period of time, the credit bureaus will count these inquiries as a single credit pull, and your score will only be lowered once.
It’s a good idea to stay on top of your credit history. You can track all your debts in one place and get your free credit report and score from QLCredit.
Should I get preapproved before working with a real estate agent?
We recommend getting preapproved first. Once you’re preapproved, it will be easier for your real estate agent to know what you can afford. If you need help finding a real estate agent, our sister company In-House Realty can connect you with an expert in your area.
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