Pre approval

The loan pre-approval process is a very simple process. The borrower can take time to find the right mortgage lender, get all the necessary documents in order and make sure they have saved up enough money for their down payment and the lender evaluates the creditworthiness of a borrower and to determine the maximum amount of loan that can be granted to the borrower.

The pre-approval process involves an evaluation of your credit history, assets and liabilities, income and employment, etc. The Lender will also look at your debt-to-income ratio as well as your credit score. A mortgage pre-approval is not a guarantee for approval for a home loan, but it does give you an idea about how much you can borrow from the bank.