Get Pre-Approved For a Home Loan

A mortgage pre-approval shows sellers you’re serious and helps you close faster.

By getting pre-approved for a home loan, you’ll learn what price range, interest rate, and loan programs you qualify for. If you’ve already begun your search for your new home, or you’re just getting started, getting pre-approved will provide you with the confidence to make an offer on your dream home.

What are the advantages of getting pre-approved for a mortgage?

  • See exactly how much you can afford and what your interest rate will likely be
  • Show home sellers that you’re a serious buyer (crucial in this seller’s market!)
  • Close quickly on your new home once your offer is accepted
  • Speed up the underwriting and home loan approval process

How do I get pre-approved for a mortgage?

You can get pre-approved by contacting a Newfi Mortgage Advisor at (888) 316-3934 or fill out our contact form. To get your personalized pre-approval letter, you’ll need to provide the following information:

  • Personal & Financial Information: We’ll ask you for your contact information, employment history, assets, and debt situation.
  • Desired Home Location: Where do you want to buy your new home? If you haven’t found a home yet, we’ll need to know the city or cities where you would like to live.
  • Credit Check: We’ll ask you to let us to run your credit report so that we can provide you with an accurate interest rate for your new home.

If you have any questions about the home loan pre-approval process, contact a Newfi Mortgage Advisor at (888) 316-3934.

Why trust Newfi Lending with your home loan?

Newfi is a direct lender with years of experience in home loans. We’ve earned a five-star rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!

Frequently Asked Questions About Getting Pre-Approved For a Home Loan

What does a pre-approval mean?

A pre-approval means that we review your credit history, income, debt situation, and and employment history to determine your creditworthiness as a potential borrower. Based on this information, Newfi extends an offer to lend up to a determined amount for the purchase of your new home, subject to conditions clearly stated in the pre-approval letter.

What is the difference between pre-approval and pre-qualification?

Pre-approval takes a deeper look at your finances than pre-qualification. Because of the more in-depth analysis, a pre-approval is a much more solid estimate of what mortgage rate and terms you may qualify for.

Will getting pre-approved for a home loan affect my credit score?

Getting pre-approved does require a credit check. As with any credit check, your credit score may be temporarily lowered by a few points. However, if multiple mortgage lenders check your credit within a short period of time (typically 45 days), the credit bureaus should count the separate pulls as a single action, and your credit score would be affected only once.

Does getting pre-approved guarantee getting a loan?

No. Pre-approvals are not a confirmed offer to lend, and they require that certain conditions are met before the loan is originated. Pre-approvals are subject to modification or cancellation if your financial situation or other important factors change.

How long is a pre-approval letter good for?

Newfi pre-approval letters normally expire within 90 days, but if substantial changes occur to your financial situation, your pre-approval letter may become invalid. It’s a good idea to get your pre-approval letter renewed if there are any changes to the financial criteria used to evaluate your ability to borrow, such as your income, employment, assets, or other criteria. You should also renew your pre-approval before you put in a bid on a house, or if the house you like is much more expensive that what you originally intended to buy. To renew your pre-approval letter, call your Newfi Mortgage Advisor at (888) 316-3934.

Does getting pre-approved commit me to borrow?

Absolutely not! Newfi offers pre-approvals as a free service to qualified borrowers. Pre-approvals do not obligate you to close your loan with us.

What if I can’t get pre-approved?

Have you been turned down by another lender? Newfi has years of experience helping borrowers who have been denied by other lenders. Contact a Newfi Mortgage Advisor at (888) 316-3934 to see if you may qualify with us.

If you have applied with us and did not get pre-approved, there are a few options you can take advantage of to put yourself in a better situation for future pre-approval:

  • Increase your down payment by setting aside more savings, or consider loan options where your down payment can be gifted to you, such as FHA loans.
  • Pay down debt to improve your debt-to-income ratio.
  • Improve your credit score by correcting any errors in your credit report, building a solid payment history, or reducing your debt. Read more about dealing with low credit