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Why Having a Mortgage Pre-Approval is Essential for Home Buyers

image of a woman holding a cutout of a house and a house key. Mortgage Pre-approval.Many home buyers ask, “Do I really need a mortgage pre-approval before I start my home search?” The answer: YES! Whether you’re a first-time home buyer or have purchased multiple homes in the past, before you start your new home search, always get your mortgage pre-approval lined up first.

Why? Imagine spending weeks viewing homes. Finally, after an exhaustive search, you find the perfect home that both you and your significant other agree on. Your imagination is going wild with how you’ll decorate it and the many family gatherings you’ll have there. You tell your family and friends about this amazing new home, and everyone is excited for you. You’re already planning the house warming party. But when you apply for financing, you learn that you don’t qualify for the mortgage. In fact, the home is more than $100,000 higher than what any lender will approve you for. Defeated and saddened, you begin the home search all over again.

You can avoid this scenario when you make getting a mortgage pre-approval your first step in the home buying process.

Mortgage Pre-Approval Versus Pre-Qualification

Realize there’s a big difference between being pre-qualified and being pre-approved. Many home buyers think these terms are interchangeable, but they are not.

Pre-qualification means you have supplied a lender with some basic information, such as your income, debts, and assets. You may have given the details via phone or on an online form. Everything is based solely on what you tell the lender, as there’s no verification or credit pull. Since nothing is verified, your pre-qualification amount is likely to change, and it may be given verbally as a price range rather than an exact amount.

Pre-approval, on the other hand, means you have gone a step further. You have completed a mortgage application, paid any applicable fees, supplied documentation to prove your income, and have authorized a credit report be pulled. Because you’ve given the lender permission to review and verify your information, your pre-approval amount is often in writing and for an exact amount that isn’t likely to change.

Tip: While pre-qualification is a good start, being pre-approved will make your home buying search more productive and often less stressful.

Need advice on getting a mortgage pre-approval? Already have your pre-approval letter? Either way, we can help. Contact us today!

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Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

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Welcome! We are glad you’re here. We developed this website to give you the most up-to-date Napa Valley real estate listings and the most reliable information for home buyers and sellers.

Not sure where to start? Check out our blog, vlog, and articles for information on buying and selling a home, design and staging tips, and real estate investor information.

Ready to buy? Be sure to browse our current listings.We are eager to show you your next Napa Valley home.

Relocating to the area? Read up on all the great communities that make up Napa Valley.

Is it time to sell your home? Why not have the #1 real estate team represent you?

We’re sure you have questions. And we are here to help. Contact us for information on anything real estate related.

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About Us

Leading the Pujals team are Jerry and Susan Pujals, who is ranked as the #1 Sales Team for California, Coldwell Banker Brokers of the Valley. Jerry, a Senior Broker, and Real Estate Advisor began his career in real estate with Coldwell Banker Brokers of the Valley in 1997. Susan, a seasoned Real Estate Sales Consultant joined the organization in 2008, which established the formation of The Pujals Team.

Having received national recognition for their performance and many local awards, Jerry and Susan are proud to be affiliated with Coldwell Banker Brokers of the Valley, Napa County’s real estate market leader for more than 20 years.[Read more]

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“Jerry and his associates are the best! Jerry cares for the individual taking in consideration what the person wants and cares for, making the best choices for you. I truly recommend them because they treat you as family and they make the process so easy for you. They are one of a kind!! We decided...” - Lucy Arreola Read More
“Jerry and Susan Pujals are adept at representing both sellers and buyers in this fast-paced Napa market. We’ve seen their work, both as sellers and buyers, and can affirm they shine in both arenas. The Pujals team just finished helping us through multiple real estate transactions: two homes prepared, listed and sold, and one home...” - Jane Callier Read More