Getting "Preapproved" for a Mortgage

Getting "Preapproved" for a Mortgage

Shop for your home with confidence.

A preapproval is a letter telling you that a mortgage lender will lend you a certain amount of money to buy a home, subject to a property appraisal and other stated conditions. With a preapproval letter, you'll be able to look for a home with the security of knowing exactly how much you can borrow, and show sellers that you have the financing you need to buy a home.

Getting preapproved is simple.

Before you begin shopping for a home, submit your financial information to your mortgage lender. They'll review your loan application and then, if you qualify, provide you with a written preapproval for a certain mortgage amount, down payment, and interest rate, subject to the terms of the letter. The letter verifying your loan approval can be finalized after information about the property, including an appraisal, is submitted.

What are the advantages of preapproval?

Get an advantage over other buyers who aren't preapproved.
Showing sellers that you've already secured financing can make your offer more attractive.

Find out about possible qualification problems ahead of time.
Don't wait until you've found a home to find out if credit issues or other factors may affect your ability to get a home loan.

NEA members can get preapproved for a mortgage through the NEA Home Financing Program®. Just call 1-800-NEA-4-YOU (1-800-632-4968) to speak to one of Wells Fargo Home Mortgage's experienced home mortgage consultants. They are available from Monday through Friday, 8 a.m. to midnight, and Saturday, 9 a.m. to 5:30 p.m. (Eastern Time).

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