How to Get Preapproved for a Mortgage Home Loan

by Maria John Senior Mortgage Executive

What could be better than house-hunting with a buyer who has an underwriter’s approval upfront, ensuring they are a better candidate and are ready to close? Fairway’s Fast Lane program allows borrower’s to start at the finish line!

Make sure you get a pre-approval for a mortgage, not a pre-qualification. A pre-qualification is where you give a mortgage broker a hypothetical set of credit scores, income, etc., and they give you back an interest rate and terms that the hypothetical borrower you've described would qualify for.

A pre-approval is where the mortgage pro reviews your credit, your income and your assets, and conditionally offers you a particular mortgage (or several), putting that offer in writing in letter form.

Consulting with a lender and obtaining a preapproval letter provides you with the opportunity to discuss loan options and budgeting with the lender, which can help to clarify your house-hunting budget and the monthly mortgage payment you can handle.

Your buyer goes through the underwriting process, begins house hunting secure that once they find a home, they can go under contract and order the appraisal! Next thing you know, your buyer is clear-to-close!

With Fairway’s Fast Lane, you can: