What Is A Mortgage Pre-Approval And Why Should I Have One?

Wanda Fortin

by Wanda Fortin


If you are in the market to purchase a home it is highly recommended one of your first steps should be to seek a pre-approval from a credible mortgage lender such as JSSB Mortgage Services.  A pre-approval is a written letter from a lender stating the borrower qualifies for a particular loan amount.  The pre-approval is based on preliminary information provided to the lender by the borrower regarding their income and credit information.

A few of the many benefits of obtaining a pre-approval are:

  • Allows the borrower the opportunity to speak with an experienced Mortgage Loan Originator (MLO) regarding the many mortgage programs available to both first time homebuyers and seasoned homebuyers.  The borrower then can make an informed decision in regards to which program best suits their financial needs and goals.  The MLO would be available to help guide them every step of the way. 

  • Informs the borrower of their maximum borrowing capacity based on their income and outgoing obligations;

  • Demonstrates to the Realtor and Seller that they are a serious homebuyer.  Most Realtors want to confirm the buyer is pre-approved before they will show homes;

  • Provides the borrower with a detailed timeline of what to expect during the loan process right up to the day of closing.

Disclaimer: You should not place undue reliance on any forward-looking statements.  These statements speak only as of the date of this blog article, even if subsequently made available by the Jersey Shore State Bank on its website or otherwise.  Jersey Shore State Bank undertakes no obligation to update or revise these statements to reflect events or circumstances occurring after the date of this blog article.

Wanda Fortin

Wanda Fortin

Wanda has over 30 years of mortgage lending experience and specializes in residential purchase mortgages, mortgage refinancing and new construction.  She has an extensive background in Conventional, FHA, VA, USDA/Rural Development and PHFA financing.