Mortgage Letters, Pre-Approval or Pre-Qualification

  Understand your Buying Potential

Before you begin to seriously looking for a new homes, you should contact me to learn how to get pre-qualified and then, pre-approved for a mortgage.  

Pre-qualification is the preliminary step toward obtaining a pre-approval. It simply means running what-if scenarios like how much a home would cost with a fixed rate as opposed to an adjustable rate mortgage.

A pre-qualification is a guideline that may help you determine a general price range you can afford, but a pre-approval is a firm number based on the lender’s analysis of your credit scores, assets, debt-to-income ratios, and other financial information.

To get pre-approved, you must provide your lender with personal information including your social security number, bank statements, debts, and obligations such as child support, so she can run a credit check.

Your pre-approval is the maximum you qualify to receive, but you can certainly spend less. Consider whether your maximum mortgage payment will fit comfortably into your current budget and future plans.

Your mortgage payment should be no more than 25 to 33 percent of your monthly gross income, and your total debt-to-income ratio should be less than 38 to 40 percent of your gross income.  Of course, different loan programs may have different ratios which is why it is important to work with a qualified mortgage professional - and I can provide that information to you!


Lisa Von Domek


Lisa Von Domek
Lisa Von Domek & Associates, LLC / Real Living Real Estate Group 
Phone:      972-849-1300 

Multi-Million Dollar Consultant

Texas Licensed Real Estate Broker

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Comment balloon 5 commentsLisa Von Domek • November 20 2015 04:01AM


Lisa: Buyers who get a pre-approval show they are serious about purchasing a home. Good job of clarifying the differences.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (Coldwell Banker Access Realty ~ 478.960.8055) about 5 years ago

Good morning Lisa. Nice post and important distinction between the two.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) about 5 years ago

Well done Mrs. Von D.....there should be no question about the difference after reading your post.

Posted by Roger D. Mucci, Lets shake things up at your home today! (Shaken...with a Twist 216.633.2092) about 5 years ago

Lisa, great information for all buyers contemplating a purchase, as this is the first step of this process!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) about 5 years ago

Good morning Lisa. For the most part you are correct, there are many additional variations to the debt ratios. When if comes to FHA we can go up to 56.9%.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 5 years ago

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