Does mortgage preapproval guarantee your loan?
Getting preapproved is an important step when buying a home, but it doesn’t mean your financing is guaranteed until closing. Changes to your debt, income, credit, or financial situation can affect how much you qualify to borrow.
For example, taking out a car loan after getting preapproved could change your debt-to-income ratio and reduce your borrowing power.
That’s why it’s important to keep your lender informed and confirm your budget before making an offer. The right real estate agent can also help flag potential issues and keep your home search aligned with your financing.
