Redfin
MARCH 14, 2025
Its stronger than a preapproval , as it signifies that the lender has completed most of the underwriting process and is confident in lending you the money. If youre making a cash offer, you wont need one, but sellers may ask for proof of funds, such as a bank statement, to verify you have the money available.
Rochester Real Estate
NOVEMBER 5, 2015
A mortgage lender will check your credit score and financial history to decide how much they can lend to you. A pre-approval letter must be included, and proof of funds can also help in a seller’s market. Before you begin looking for a new home, check your credit reports.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Redfin
JULY 9, 2025
A mortgage pre-approval is a lender’s conditional commitment to lend you a certain amount for a home purchase. The lender reviews your financial information—such as income, credit score , debts, and assets—to determine how much they’re willing to lend. What is mortgage pre-approval? Why it matters: It helps you set a realistic budget.
Housing Wire
MAY 7, 2025
These real estate memes for financing a home are sure to land you a few new mortgage lending friends. Proof of funds Source: BNTouch 53. You want to work with someone you can trust, but also someone who meshes well with your personality and the types of clients you are trying to attract. Listen Linda 50. You bought what?
HomeLight
NOVEMBER 1, 2021
The appraisal helps ensure that the mortgage company doesn’t lend more than the property is worth. A buyer who agrees to an appraisal gap guarantee should also present you with proof of additional funds to cover the amount of that promise. Mortgage companies require an appraisal to determine the value of a home. The bottom line.
HomeLight
APRIL 30, 2021
If you’re using cash, you’ll have to show proof of funds with your offer. According to Jessica Sanchez, Head of Mortgage Operations at HomeLight Home Loans , this due diligence is two-fold: the lender also needs to check out both the borrower and the property to make sure it’s safe to lend money for the home purchase. “We
HomeLight
JUNE 7, 2022
Preapproval matters because it tells you how much a lender is willing to lend you which dictates a budget for your home search. While prequalification can give you a good idea of what you could actually be approved for, it’s not a guarantee or a commitment on the part of the lender to actually lend you any money. Preapproval.
Expert insights. Personalized for you.
Let's personalize your content