Mortgage basics: Prequalification or pre-approval – What do I need?

April 24, 2018

See if prequalification or pre-approval is right for you.

 

So you’re at the point in your life when you’re thinking about buying a house, but you’re not quite sure how much house you can afford — or if you need proof of that amount before talking to a real estate agent. Is it important to get prequalified or pre-approved by a lender before you start looking? Learn the difference between the two and how such documentation might help you in the homebuying process. 

To learn more about the homebuying process, watch other videos in this series:

 

Ready to start your pre-qualification or pre-approval journey? Learn more.

Mortgages at U.S. Bank

Related content

What you need to know before buying a new or used car

3 tips for saving money when moving to a new home

Housing market trends and relocation impact

What is a CLO?

An investor’s guide to marketplace lending

Beyond Mars, AeroVironment’s earthly expansion fueled by U.S. Bank

ABL mythbusters: The truth about asset-based lending

Collateral options for ABL: What’s eligible, what’s not?

When small companies buy big: The potential of asset-based lending

Can ABL options fuel your business — and keep it running?

Maximizing your infrastructure finance project with a full suite trustee and agent

How to maximise your infrastructure finance project

Changes in credit reporting and what it means for homebuyers

Evaluating interest rate risk creating risk management strategy

Avoiding the pitfalls of warehouse lending

Tech lifecycle refresh: A tale of two philosophies

Changes in credit reporting and what it means for homebuyers

Why other lenders may be reaching out to your employees

What’s the difference between Fannie Mae and Freddie Mac?

High-cost housing and down payment options in relocation

A checklist for starting a mobility program review

4 benefits of independent loan agents

At your service: outsourcing loan agency work

Middle-market direct lending: Obstacles and opportunities

Crypto + Relo: Mobility industry impacts

For today's relocating home buyers, time and money are everything

Streamline operations with all-in-one small business financial support

Opening a business on a budget during COVID-19

How I did it: Turned my side hustle into a full-time job

Costs to consider when starting a business

How to get started creating your business plan

How to fund your business without using 401(k) savings

How to establish your business credit score

Prioritizing payroll during the COVID-19 pandemic

How a small business is moving forward during COVID-19

When to consider switching banks for your business

5 tips to help you land a small business loan

Investing in capital expenditures: What to discuss with key partners

Closing on a house checklist for buyers

Checklist: 10 questions to ask your home inspector

Checklist: financial recovery after a natural disaster

Webinar: Uncover the cost: College diploma

Student checklist: Preparing for college

Co-signing 101: Applying for a loan with co-borrower

The A to Z’s of college loan terms

Practical money skills and financial tips for college students

How I did it: Paid off student loans

Recognize. React. Report. Caregivers can help protect against financial exploitation

Is online banking safe?

5 ways to maximize your garage sale profits 

3 tips for saving money when moving to a new home

Is raising backyard chickens a good idea financially?

Is it cheaper to build or buy a house?

How I did it: Learned to budget as a single mom

Adulting 101: How to make a budget plan

Personal loans first-timer's guide: 7 questions to ask

Save time and money with automatic bill pay

You can take these 18 budgeting tips straight to the bank

Common unexpected expenses and three ways to pay for them

It's possible: 7 tips for breaking the spending cycle

Which is better: Combining bank accounts before marriage — or after?

Multiple accounts can make it easier to follow a monthly budget

Is it time to get a shared bank account with your partner?

Personal finance for teens can empower your child

Do you and your fiancé have compatible financial goals?

9 simple ways to save

Here’s how to create a budget for yourself

How to save for a wedding

7 steps: How couples and single parents can prepare for child care costs

Don’t underestimate the importance of balancing your checking account

What you need to know about renting

Your financial aid guide: What are your options?

Is a home equity loan for college the right choice for your student

Parent checklist: Preparing for college

Everything you need to know about consolidating debts

Be careful when taking out student loans

How to apply for federal student aid through the FAFSA

Your quick guide to loans and obtaining credit

What’s a subordination agreement, and why does it matter?

How to use debt to build wealth

Understanding the true cost of borrowing: What is amortization, and why does it matter?

Know your debt-to-income ratio

Dear Money Mentor: What is cash-out refinancing and is it right for you?

Is it cheaper to build or buy a house

Overcoming high interest rates: Getting your homeownership goals back on track

Managing the impacts of appraisal gaps in a hot housing market

Crypto + Homebuying: Impacts on the real estate market

For today's homebuyers, time and money are everything

Should you buy a house that’s still under construction?

House Hacks: How buying an investment property worked as my first home

How I did it: Bought my dream home using equity

Buying a home Q&A: What made three homeowners fall in love with their new home

Preparing for homeownership: A guide for LGBTQ+ homebuyers

Saving for a down payment: Where should I keep my money?

Community activist achieves dream of homeownership

Your guide to breaking the rental cycle

How I did it: Built living spaces to support my family

Spring cleaning checklist for your home: 5 budget-boosting tasks

Checklist: 6 to-dos for after a move

What are conforming loan limits and why are they increasing

Bringing economic opportunity to underserved communities one home at a time

Webinar: Uncover the cost: Building a home

Money Moments: Tips for selling your home

How I did it: Bought a home without a 20 percent down payment

Military homeownership: Your guide to resources, financing and more

How I did it: My house remodel

Money Moments: How to finance a home addition

The lowdown on 6 myths about buying a home

Home buying myths: Realities of owning a home

4 ways to free up your budget (and your life) with a smaller home

Get more home for your money with these tips

10 questions to ask when hiring a contractor

Dear Money Mentor: When should I refinance a mortgage?

Quiz: How prepared are you to buy a home?

First-time homebuyer’s guide to getting a mortgage

Building a dream home that fits your life

Beyond the mortgage: Other costs for homeowners

What is a home equity line of credit (HELOC) and what can it be used for?

10 ways to increase your home’s curb appeal

Are professional movers worth the cost?

5 things to avoid that can devalue your home

Webinar: Mortgage basics: What’s the difference between interest rate and annual percentage rate?

What is an escrow account? Do I have one?

Is it the right time to refinance your mortgage?

How you can take advantage of low mortgage rates

What to know when buying a home with your significant other

These small home improvement projects offer big returns on investment

Should you get a home equity loan or a home equity line of credit?

What is refinancing a mortgage?

Webinar: Mortgage basics: What is refinancing, and is it right for you?

Webinar: Mortgage basics: Prequalification or pre-approval – What do I need?

Webinar: Mortgage basics: Finding the right home loan for you

Webinar: Mortgage basics: 3 Key steps in the homebuying process

Is a home equity line of credit (HELOC) right for you?

Webinar: Mortgage basics: Buying or renting – What’s right for you?

Webinar: Mortgage basics: How much house can you afford?

Webinar: Mortgage basics: How does your credit score impact the homebuying experience?

How do I prequalify for a mortgage?

How to use your home equity to finance home improvements

8 steps to take before you buy a home

Home equity: Small ways to improve the value of your home

Webinar: Uncover the cost: Home renovation

4 questions to ask before you buy an investment property

10 uses for a home equity loan

Can you take advantage of the dead equity in your home?

6 questions to ask before buying a new home

6 essential credit report terms to know

Test your loan savvy

What types of credit scores qualify for a mortgage?

Questions to ask before buying a car

Take the stress out of buying your teen a car

What you should know about buying a car

How to choose the best car loan for you

Start of disclosure content

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.