Getting pre-approved for a mortgage is an important first step—but it doesn’t mean you’re locked into that lender.
A pre-approval isn’t a marriage certificate.
Different lenders may look at your situation differently, and there may be loan options that weren’t discussed during your first pre-approval.
What Should a Mortgage Pre-Approval Actually Look At?
A good pre-approval should be more than entering a few numbers online and receiving a letter.
Your lender should take the time to look at things like:
- Your income and employment
- Credit history
- Current monthly debts
- Down payment and available funds
- Estimated closing costs
- Property taxes and homeowners insurance
- Your comfortable monthly payment
- Loan programs you may qualify for
The goal shouldn’t simply be determining the maximum amount you can borrow. It should be finding a mortgage that makes sense for your situation.
Why Can a Second Opinion Matter?
Mortgage guidelines aren’t always as simple as they appear.
FHA, VA, USDA and Conventional loans each have different requirements and advantages. Depending on your credit, income, debts, available funds and the property you’re purchasing, one program may make considerably more sense than another.
Sometimes a second look uncovers another option.
Other times, it simply confirms that your original pre-approval is already a good fit.
Either way, you know.
Already Have a Pre-Approval?
You don’t have to start over just because you want another set of eyes on the numbers.
Give me 10 minutes. I’ll take a look at your situation, talk through the options with you, and tell you what I see.
No pressure. No obligation. Just a second opinion.