Mortgage Pre-Approval

A mortgage pre-approval is a lender's conditional commitment to lend you a specific amount, issued after the lender reviews and verifies your income, assets, credit, and debts. It is much stronger than a pre-qualification, which is only a rough estimate based on figures you state yourself. Because a pre-approval reflects checked documents, sellers take offers backed by one far more seriously, and in competitive Rhode Island and Massachusetts markets it can make the difference between winning and losing a home. A pre-approval is not a final loan guarantee. The lender still confirms details and the property before closing, and the amount can change if your finances change. Want a starting number before you talk to a lender? See what you can afford.