Lending Approval Process
1. Pre-Qualification: Optional step with a trusted lender completed at the start of the buying process to see how much house you can afford. This process can usually be completed over the phone.
2. Pre-Approval: Lender analyzes your credit, finances, employment history, etc. to determine loan ability. You usually need employment history and tax records; a credit check will be conducted.
3. Full underwriting approval: Pre-approval likely had qualifiers; lender follows up on qualifiers, so you can make an offer, this may take a little time to complete. Your lender will have the check with banks.