Pre-Approval: A First Step to Homeownership

TALLAHASSEE, Fla. — As this fall market is picking up, we are seeing a lot of first time homebuyers and folks who have not purchased in many years. The first question these buyers get asked is "Have you spoken with a lender and are you pre-approved for a mortgage?"

When you start thinking about buying a home, the natural excitement is to pull up listings and imagine yourself walking through the front door. But before you even step foot into a showing with a Realtor, the first move you need to make is finding the right lender and getting pre-approved. Your Realtor will be able to help you come up with some great local options for you to contact.

Good lenders are more than just people who crunch numbers. They become guides and partners through what can sometimes feel like a complicated process. Over the years, I've seen many buyers build long-term relationships with their lenders – going back to them when it's time to refinance or purchase their next home. That trust and familiarity can make all the difference when deadlines are tight and emotions are running high.

It's also worth remembering not all lenders are created equal. Interest rates, fees and even the level of service can vary from group to group. Taking the time to shop around is well worth it. Some buyers hesitate, worrying that multiple credit checks might damage their score, but the credit bureaus give you a window – usually a couple of weeks – where several mortgage inquiries count as just one. That means you can compare options without hurting your credit.

And here's why pre-approval matters so much: In today's market, it's not just a formality. Homeowners want to know you're serious and capable before they take their property off the market with a contract. A pre-approval letter is your ticket to making a strong offer, showing the seller you have the financial backing to follow through. Without it, many offers won't even be considered.

The timeline is usually straightforward. Once you submit your information, a pre-approval can often be turned around in just a day or two. From the moment you go under contract, expect the loan process to take about 30 to 45 days, depending on the type of loan and the moving pieces involved. It may feel like a long stretch, but behind the scenes your Realtor, lender, underwriters, appraisers and attorneys are all working together to get you to the closing table.

Buying a home is one of life's biggest milestones, and it starts with choosing the right financial partner. By finding a lender you trust, shopping around for the best terms and getting pre-approved, you'll walk into your home search with confidence – and that peace of mind is priceless.

© Copyright 2025, The News & Advance, Lynchburg, VA