Get oriented
Before contacting a lender, it can help to understand the basic shape of the process: building credit and savings, learning common loan types, getting pre-approved, shopping for a home, making an offer, and closing.
Pre-approval vs. prequalification
Prequalification is usually a quick, informal review based on stated information. Pre-approval is more involved — a lender reviews credit, income, and assets to estimate what you may qualify for.
Plan for the full cost
Closing costs, prepaid items, reserves, and ongoing maintenance all factor into a sustainable purchase. A larger down payment can reduce the loan size and may help you avoid PMI on conventional loans.
Key takeaways
- Get oriented to the full process before talking to a lender.
- Pre-approval is more involved than prequalification.
- Plan for the full cost of ownership, not just the purchase price.
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Get startedEducational content only. Not a commitment to lend or financial advice. Eligibility, rates, and terms vary by lender and borrower profile.