When preparing to buy a home, many potential buyers turn to online preapproval to jumpstart their loan process. While it’s a good idea to compare multiple lenders to find the best down payment option and interest rate, getting mortgage preapproval online can have its advantages.
Prequalification for a mortgage is based on a basic overview of your financial situation and the types of loans available to you. Prequalification is helpful for potential borrowers who want to know their options before getting into an official vetting process.
Mortgage preapproval is the official statement from a lender showing you’re financially equipped to pay for a specific loan. Unlike prequalification, mortgage preapproval requires official financial documents like bank statements, pay stubs and W-2s. It also involves a credit report to gain insight into your financial details.
Many lenders offer online application processes for gaining a preapproval letter. Some lenders operate entirely online, making the process extremely convenient and streamlined. However, you still need to provide specific documents, so it’s best to gather this information beforehand to ensure it goes smoothly.
While preapproval doesn’t immediately give you the money to buy a home, it’s an important step to take in your homebuying journey. Not only do many real estate agents require proof of mortgage preapproval before helping your home search, but it will give your eventual offer more weight in a competitive market.
Getting preapproved for a mortgage loan also means you’ve done most of the work for your mortgage ahead of time, and won’t need to do as much work during closing. This can make your buying process much smoother and quicker, giving you more time to focus on moving into your dream home.
Originally from Statesville, NC I grew up vacationing in the Myrtle Beach area and have been blessed to call it home for the last 21 years. An alumni of Appalachian State University, I have been a Realtor for 11-years in the Grand Strand area, and am licensed in both South and North Carolina. I hold several distinguished Realtor designations, including ARB, MRP, SRES, RSPS, SFR, and XCL. I love being involved in the Coastal Carolina Association of Realtors, having served on the Young Professionals Network committee, the Community Outreach committee, and am a 2022 graduate of Leadership CCAR. As a proud member of the Women's Council of Realtors Grand Strand, I had a role as the events committee chair for 2023 and now hold the current position as the 2024 WCR events director. I have also contributed as a board member for the last 9 years for the Humane Society of North Myrtle Beach and currently serve as treasurer. In my spare time, I love traveling, shopping, and spending time with her family, friends, and 3 cats.
