Money Girl How Do I Get Preapproved for a Mortgage?
Jul 11, 2025
Discover how to navigate the mortgage pre-approval process with ease. Learn why comparing lender offers is crucial for securing the best terms. The importance of understanding Private Mortgage Insurance (PMI) is highlighted, alongside the differences between pre-qualification and pre-approval. Gain insights on maintaining financial stability while house hunting and how to keep housing costs within 20% of your income. Plus, practical tips on preparing your financial documents ensure you're ready for this significant step in your home-buying journey.
AI Snips
Chapters
Transcript
Episode notes
Get Mortgage Pre-Approval Early
- Get a mortgage pre-approval to understand your financing and budget before house hunting.
- It helps identify financial weaknesses early so you can fix them to get better mortgage offers.
Pre-Approval Gives Buyers Advantage
- Buyers with mortgage pre-approval are seen as less risky and more serious than those without.
- Sellers may prefer and accept lower offers from pre-approved buyers due to financing certainty.
Compare Multiple Mortgage Offers
- Work with multiple lenders or mortgage brokers to compare loan rates, terms, and fees.
- Using a knowledgeable broker can save you interest and estimate local closing costs accurately.