What is a pre-approval? A pre-approval is a preliminary assessment by a lender, in this case your Pure Funding Loan Originator of how much buying power your have for a mortgage. Here are the general steps involved in the Pure Funding pre-approval process:

1.     You provide your financial information: You'll need to submit an online application and provide financial information, such as your income (W2 statements, pay stubs and bank statements), employment history, and credit score (we will need to run your credit).

2.     Your loan officer will review your information to determine whether you meet their lending criteria and which loan best fits your needs. This will include factors such as your credit score, income, and debt-to-income ratio.

3.     Once this information is reviewed and meets the lender’s criteria we will issue a pre-approval letter.  The pre-approval letter will state the maximum amount they are willing to lend you. This letter will typically be valid for a set period of time, usually 60-90 days.

4.     Start shopping: A pre-approval letter will give your Realtor and the seller the confidence you can be approved and are prepared to make a fair offer on the property you have identified within your price range.

5.     Offer accepted: Once you've found a home you want to buy and the offer is accepted, you'll need to apply for the loan. The lender will verify the information you provided during the pre-approval process, if everything checks out, they will issue a final approval and get you to the closing table!

It's important to note that a pre-approval is not a guarantee of a loan. The lender may still need to verify additional information and the loan is not finalized until the final approval process.