Re/max Excalibur Realty

Can you get online preapproval for a mortgage? Here's what you should know

by Julie Hillebrand 09/18/2022

person sitting at table with open laptop with phone in hand

When preparing to buy a home, many potential buyers turn to online preapproval to jumpstart their loan process. While it’s a good idea to compare multiple lenders to find the best down payment option and interest rate, getting mortgage preapproval online can have its advantages.

What is mortgage prequalification? 

Prequalification for a mortgage is based on a basic overview of your financial situation and the types of loans available to you. Prequalification is helpful for potential borrowers who want to know their options before getting into an official vetting process.

What is mortgage preapproval?

Mortgage preapproval is the official statement from a lender showing you’re financially equipped to pay for a specific loan. Unlike prequalification, mortgage preapproval requires official financial documents like bank statements, pay stubs and W-2s. It also involves a credit report to gain insight into your financial details.

Can you get preapproved for a mortgage online?

Many lenders offer online application processes for gaining a preapproval letter. Some lenders operate entirely online, making the process extremely convenient and streamlined. However, you still need to provide specific documents, so it’s best to gather this information beforehand to ensure it goes smoothly. 

Why a mortgage preapproval letter is important

While preapproval doesn’t immediately give you the money to buy a home, it’s an important step to take in your homebuying journey. Not only do many real estate agents require proof of mortgage preapproval before helping your home search, but it will give your eventual offer more weight in a competitive market.

Getting preapproved for a mortgage loan also means you’ve done most of the work for your mortgage ahead of time, and won’t need to do as much work during closing. This can make your buying process much smoother and quicker, giving you more time to focus on moving into your dream home.



About the Author
Author

Julie Hillebrand

My personal commitment is to exceed your expectations.

Thank you for taking the time to visit my site. I feel that it is very important to know who you are working with when making any real estate purchase or sale.

I am a dedicated and knowledgeable Tucson real estate agent who can provide you with the highly specialized information that will help you make the right decisions. It’s the combination of this unique market-knowledge and excellent negotiating skills that enable me to get you the optimal price for any property you plan to sell or buy.

I have been a Tucson real estate agent since 1997, I am a Relocation Specialist, Accredited Buyers Representative, Graduate of the Realtor Institute and Certified Distressed Property Expert. I have the knowledge, experience and education to assure your experience is a successful one.
In my spare time,  I enjoy spending time riding my horse, hiking, biking, skiing and anything in the great outdoors.

I'm sure you will love Arizona as much as I do. I look forward to working with you.