As discussed in The Mortgage Process, the first step of home buying is getting started with a lender through a pre-qualification call.  By taking the time in advance to meet with your chosen lender and review the numerous mortgage programs available to you, you can avoid a last minute rush to quickly find a lender, check credit, and settle for a quick financing decision.

Going through the pre-approval/pre-qualification process is a sign to sellers that you’re serious about buying.  Sellers are much more willing to leave their home and allow showings for committed buyers.

PreQualification-3The process of pre-approval isn’t as scary as it sounds, and in fact, is very simple!  Pre-approval simply means you have met with a loan officer (in person or over the phone), your credit files have been reviewed, and the loan officer believes you can readily qualify for a given loan amount.  Based on the information collected, the lender will provide you with a pre-qualification letter to show your borrowing power.

Keep in mind, pre-approval is not a final loan commitment, but it demonstrates your financial strength to sellers when writing an offer.

Hampton Roads Real-e-statement is written by Alyssa Godwin, a Realtor with Liz Moore and Associates. For questions regarding pre-qualification contact Alyssa at 757-329-6161 or You can also find Alyssa on Facebook or on the web at