Michigan first-time buyer guide
Mortgage Pre-Approval: What First-Time Buyers Should Expect
Turn a budget estimate into a documented buying plan.
Documents create confidence
A strong review may include income, employment, assets, identification and credit. Self-employed, variable-income or commissioned borrowers may need additional history and analysis.
Choose a payment, not a maximum
The largest approval is not automatically a comfortable budget. Include taxes, insurance, mortgage insurance, association dues, utilities, maintenance and personal savings goals.
Approval is conditional
A pre-approval is not a commitment to lend. Final approval depends on continued qualification, acceptable property, title, appraisal when required and complete underwriting.
Keep it current
Rates, debts, assets and documents change. Update the broker before making an offer outside the original assumptions and before changing employment or moving money.
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