Understanding Mortgage Pre-Approval

When you're ready to start the home buying journey, one critical tool that can help streamline the process is mortgage pre-approval. This image perfectly breaks down what a pre-approval entails, providing a clear, straightforward explanation. In the complex world of mortgage speak, a pre-approval entails a preliminary review of your credit, income, and assets to determine your borrowing potential.

For those not familiar with these financial terms, the image translates this into plain English: a pre-approval lets you know the price range you may qualify for, and signals to sellers that you're a serious buyer. It’s important to note that while pre-approval isn't a final commitment from the lender, it does provide a strong starting point as you prepare to make an offer on your dream home.

Desiree Lynch, Ashland KY REALTOR at NEXA Lending. NMLS #604622. Call (606) 465-0955.

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