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What is a Mortgage Pre-Approval?

Updated: Oct 17, 2022

A mortgage pre-approval should be your 1st step to buying a home. It lets you know how much a mortgage lender is willing to give you to purchase a West Texas home.

Ask your local West Texas realtor for a list of trusted local mortgage lenders in your area. Most realtors will advise you to work with a local West Texas lender, because they’re more personable and dedicated than national lenders and if problems arise, they can be handled face-to-face.

Your lender will review your employment income, credit history, and debt-to-income ratio to determine your maximum allowable purchase price, anticipated interest rate and estimated monthly payment. Be prepared during your pre-approval meeting to provide the following: bank statements, W-2 statements, pay stubs and proof of deposits, federal tax returns and student loan payments.

Your pre-approval will last for 90 days, but it can be made invalid due to any of the following: changing jobs, changing residences, separation/divorce, income changes, increase in debt and reduced credit score. Your credit score will drop if you buy a car or spend a considerable amount of money on credit, so don’t do it before you buy the home. I know it sounds silly, but it’s something that home buyer’s do all the time and it ends up making them ineligible for a mortgage.

To recap, the best time to get pre-approved is when you start thinking about buying a home. Your pre-approval establishes how much home you can afford by reviewing your income, credit and debt. If you're not satisfied with how much home your lender is willing to give you for a home, then the pre-approval will let you know what you need to work on, so you can afford your dream home.

Lastly, I’m an expert in residential real estate and I love working with home buyers, so give me a call when you’re ready to start your home buying journey.

NOTE - If you’re planning on selling and are in the market for a top agent to make it happen, I would love to help!

We provide real estate services to these West Texas cities - Abernathy, Brownfield, Buffalo Springs, Crosbyton, Denver City, Farwell, Floydada, Idalou, Hale Center, Lamesa, Levelland, Littlefield, Lubbock, Muleshoe, New Deal, New Home, Olton, Plains, Plainview, Post, Ralls, Ransom Canyon, Seagraves, Seminole, Shallowater, Spur, Sudan, Sundown, Tahoka, Tulia and Wolfforth.

We provide real estate services to these counties - Bailey County, Briscoe County, Castro County, Crosby County, Dawson County, Dickens County, Floyd County, Gaines County, Garza County, Hale County, Hockley County, Kent County, Lamb County, Lubbock County, Lynn County, Parmer County, Scurry County, Swisher County, Terry County and Yoakum County.

-Turn the Key to your clean Slate-

Lainie Eilenberger, REALTOR

Key and Slate Real Estate Grou

Keller Williams Realty


Licensed Realtor in Texas


Lainie Eilenberger Realtor, Key & Slate Real Estate Group

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