Pre-Qualification vs. Loan Approval
A pre-qualification is an estimated maximum loan amount from a lender. It is determined based upon your debt to income ratio, meaning how much money your household makes in a month and how much debt your household carries per month.
A pre-qualification is not a guaranteed loan amount. You are not committed to do business with the lender providing the pre-qualification and the lender is not obligated to provide a loan of any amount.
Benefits of Pre-Qualifying for a Home Loan
Tips for Mortgage Pre-Qualification Prep
You should have all of your finances organized and ready to go when the time comes to provide a lender with your information. Set yourself up for success by sorting through your statements now, so it’s less stress when you’re getting it all together.
be ready for your first meeting with a mortgage lender.
For more information on what you’ll need to be approved for a home loan, check out the Shea Home Buying Guide.
Sales: Shea Communities Marketing Company (AZ DRE #CO001121000). (WA #19548). (NC #C25840). Shea Homes Marketing Company (CA BRE #01378646). (FL #CQ1034437). J.F. Shea Co., Inc. (NV #B.144675). Shea Homes Limited Partnership (ROC 195895) (CA CSLB #855368). Construction: SHALC GC, INC. (AZ ROC#291056) (VA #2705152813). (WA #SHALCGI863P9). (NC #75061). (NV #NSCB0080574) Shea Homes, Inc. (CA CSLB #672285). (WA #SHEAHI#997D1). J.F. Shea Construction Management, Inc. (FL #CBC-059952). J.F. Shea Co., Inc. (NV #B.144675).This is not an offer of real estate for sale, nor solicitation of an offer to buy to residents of any state or province in which registration and other legal requirements have not been fulfilled. WHERE APPLICABLE, A PUBLIC REPORT IS AVAILABLE ON THE STATE REAL ESTATE DEPARTMENT WEBSITE. Pricing does not include options, elevation, or lot premiums, effective date of publication and subject to change without notice. All square footages and measurements are approximate and subject to change without notice. Buyers are NOT required to use Shea Mortgage, are free to use any lender of their choosing, and are free to decline any incentives tied to the use of Shea Mortgage. Shea Mortgage is an independent member of the J.F. Shea family of companies. Lending In: Arizona: Arizona Department of Financial Institutions License #0904079, NMLS #40397. California: NMLS ID #40397, CA Bureau of Real Estate License #01197403. Colorado: Colorado Uniform Consumer Credit Code Supervised Lender License #988132. Florida: Florida Office of Financial Regulation License MLD111, NMLS #40397. Nevada: State of Nevada Department of Business and Industry Division of Mortgage Lending License Number 4111. North Carolina: North Carolina Commissioner of Banks Mortgage Lender License #L-106078, NMLS #40397. Texas: SML Mortgage Banker Registration – MLS – 40397. Virginia: State Corporation Commission Bureau of Financial Institutions License Number MC-5849. Washington: Washington Department of Financial Institutions Consumer Loan License #CL-40397. Trademarks are property of their respective owners. Equal Housing Opportunity