What pre-approval really means, and what it does not
Pre-approval sounds like a green light. It is more like a strong indication. Knowing the difference keeps you from a nasty surprise at the worst moment.
What it is
Pre-approval is a lender taking an early look at your situation and indicating how much it would likely lend you, subject to conditions. It tells you a realistic price range and shows agents you are serious. That is genuinely useful when you are out looking.
What it is not
It is not a final yes. It is usually subject to a valuation of the actual property, your situation staying the same, and the lender's policies not changing. Quit a job, take on a new debt, or buy something the lender values lower than the price, and the picture can shift.
How to use it well
Get pre-approval before you fall in love with a place, keep your finances steady while it stands, and talk to me before any big money move. Used properly, it turns house hunting from a guess into a plan.
It is not a final yes.
If any of this is sitting on your mind, the fastest way through is a short chat. No cost, no pressure.