The Importance of Mortgage Pre-Approval Before House Hunting
When you’re ready to buy a home, it’s tempting to jump straight into browsing listings and scheduling showings. But before you start house hunting, there’s one critical step that can save you time, stress, and even money: getting pre-approved for a mortgage.
You can start your pre-approval in person at any of our branches, over the phone, through our website, or using our mobile app—whichever is most convenient for you.
Mortgage must still verify all documentation through automated underwriting systems or a human underwriter. This includes confirming your income, assets, employment, and meeting federal, state, and agency (Fannie Mae, Freddie Mac, FHA, VA) guidelines. Additional guidelines may apply.
Your final approval also depends on receiving an acceptable home appraisal from an approved appraiser that meets all investor and agency standards. Before a lender can issue a final loan commitment, a complete credit package and appraisal must be reviewed and cleared by underwriting. Until that final approval is granted, a pre-approval from TowneBank Mortgage is not a commitment to lend.
Ready to get pre-approved? Contact one of our loan officers today—in person, by phone, online, or through our mobile app—and take the first step toward your dream home!
What is Mortgage Pre-Approval?
Mortgage pre-approval is a process where a lender reviews your financial profile—including income, credit score, employment history, and debt—to determine how much you can borrow. Unlike pre-qualification, which is a quick estimate, pre-approval provides a verified amount and a letter you can present to sellers. This letter shows you’re a serious buyer with financing already lined up. It is important to note that, because it’s only an initial review, a pre-approval is still conditional and depends on full verification of your income, assets, credit, and an acceptable appraisal before a lender can issue final approval.Why Pre-Approval is Essential
- Know Your Buying Power
Pre-approval gives you a clear picture of your budget. You’ll know exactly what price range to focus on, helping you avoid falling in love with homes that are out of reach. - Stand Out in a Competitive Market
In today’s real estate market, homes can sell fast. Sellers prefer buyers who are ready to close quickly. A pre-approval letter strengthens your offer and can give you an edge over other buyers. - Identify and Fix Financial Issues Early
During pre-approval, lenders may uncover credit challenges or debt-to-income ratio concerns. Addressing these issues upfront prevents delays later and ensures you’re truly ready to buy. - Speed Up the Closing Process
Much of the paperwork is completed during pre-approval, which means once you find your dream home, the mortgage process moves faster—saving you time and reducing stress.
How Our Loan Officers Can Help
Our experienced loan officers are here to guide you every step of the way. They’ll explain your options, answer your questions, and help you choose the right loan program for your needs. Whether you’re a first-time buyer or upgrading to your forever home, we make the process simple and stress-free.You can start your pre-approval in person at any of our branches, over the phone, through our website, or using our mobile app—whichever is most convenient for you.
How to Get Pre-Approved for a Mortgage
The process is straightforward:- Gather Your Financial Documents: Pay stubs, W-2s, tax returns, and bank statements.
- Check Your Credit Score: A strong credit score can help you qualify for better rates.
- Connect with a Loan Officer: They’ll guide you through the application, discuss a budget, and order a credit check.
- Receive Your Pre-Approval Letter: Once your documentation has been verified and your credit has been reviewed, you’ll receive a letter of pre-approval. This is your ticket to confident house hunting.
How Long Does Pre-Approval Take?
Most lenders can issue a pre-approval within 1 to 3 business days once they have your documents. If your financial situation is complex, it may take longer. The process is generally quick and well worth the effort.Are You Committing to Anything?
Getting pre-approved does not lock you into a mortgage or obligate you to buy a home. It simply gives you a clear budget and shows sellers you’re serious. You’re free to shop around for the best mortgage terms later.Important Note About Pre-Approval Conditions
A mortgage pre-approval is an important first step, but it’s also conditional. At TowneBank Mortgage, your pre-approval is based on an initial review of your credit report, income, assets, and other information you provide. To move from pre-approval to full loan approval, TowneBankMortgage must still verify all documentation through automated underwriting systems or a human underwriter. This includes confirming your income, assets, employment, and meeting federal, state, and agency (Fannie Mae, Freddie Mac, FHA, VA) guidelines. Additional guidelines may apply.
Your final approval also depends on receiving an acceptable home appraisal from an approved appraiser that meets all investor and agency standards. Before a lender can issue a final loan commitment, a complete credit package and appraisal must be reviewed and cleared by underwriting. Until that final approval is granted, a pre-approval from TowneBank Mortgage is not a commitment to lend.
Questions to Ask During Pre-Approval
- What loan programs do I qualify for?
- What is my estimated interest rate and monthly payment?
- How long is my pre-approval valid? (Typically 60–90 days)
- What documents will I need for final approval?
- Are there any fees associated with pre-approval?
- What factors could affect my approval amount?
Bottom Line
Getting pre-approved isn’t just a formality—it’s a smart strategy that sets you up for success. It helps you shop with confidence, strengthens your offer, and makes the entire homebuying process smoother.Ready to get pre-approved? Contact one of our loan officers today—in person, by phone, online, or through our mobile app—and take the first step toward your dream home!