Know before you shop
Our preapproval makes it easy.
Get preapproved for a mortgage loan with Royal Credit Union, and you'll know just what your price range is before you shop.
A mortgage loan preapproval has a lot of upside. It will help you determine your price range before you and your real estate agent start to shop, and it can also help you identify any credit dings or dents now, so you can work to fix them. In addition, a preapproval can make you a more attractive buyer, especially in a situation where there are multiple offers.
Once your offer is accepted, your loan will still need final approval based on the purchase agreement, appraisal, and underwriting, but a preapproval will streamline this process as well.
Preapproval or prequalification?
The difference between pre-approval and pre-qualification is in the validation of your information, and typically, a full pre-approval is your best bet.
- Prequalification – you provide a lender with basic information on income and debt and the lender gives you a ballpark amount they may be willing to lend. Your financial information is not verified through credit report or other review so there is no certainty that the amount will be approved.
- Preapproval – you complete a mortgage application that is reviewed along with credit report and income verification. Because your financial information has been verified, the pre-approval process gives you a more accurate idea of how much you can borrow.
You're ready to buy a home, and we're ready to help! Contact a Mortgage Loan Officer to start your preapproval.