Why Smart Homebuyers Get Preapproved

Because the Best Homebuying Decisions Start Before the House Search Begins

If you’re thinking about buying a home, even if you’re not sure when you’re already ahead of the game. What separates the savviest homebuyers from the overwhelmed ones isn’t perfect timing or market luck. It’s preparation.

And at Gershman Mortgage, we noticed that the smartest buyers all have one thing in common: they start the pre-approval process early.

How Do I Get a Pre-Approval for a Mortgage?

Getting pre-approved is easy. Here’s how it works:

1. Apply. You can fill out an application online or contact your Gershman Mortgage loan officer directly.
2. Provide key documents. We’ll need proof of income, employment verification, details of your assets, and information about your monthly debts.
3. Review and assessment period. We’ll evaluate your income, credit, savings, and current debt payments to determine the loan amount you qualify for.
4. Receive your pre-approval. Once approved, you’ll get a pre-approval letter that shows sellers and real estate agents the amount you can borrow.

Why Getting Pre-Approved Early Makes the Entire Buying Process Easier

Here’s why taking this simple step now sets you up for a smoother, more confident buying experience later.

You’ll Know Exactly What You Can Afford

Online calculators can only take you so far. A true preapproval looks at your full financial picture of income, credit, debts, assets, etc. to give you a realistic, accurate price range. That clarity keeps you from:

• Falling in love with homes outside your budget
• Underestimating what you could afford
• Losing time when the right home hits the market

Early preapproval gives you real numbers, not guesses.

Your Offer Becomes More Competitive

In today’s market, sellers want serious buyers who can close without surprises. A strong preapproval letter tells a seller:

• You’re financially qualified
• You’re ready to move
• Their home won’t fall out of contract because of financing

When multiple offers are on the table, preapproved buyers consistently rise to the top.

You Get Time to Improve Your Credit or Buying Power

If your finances aren’t perfect, that’s okay, small tweaks can make a big difference. By starting early, you give yourself time to:

• Pay down balances
• Correct errors on your credit report
• Build saings
• Restructure debt for better approval terms

Even a small credit increase can unlock a better interest rate or reduce your monthly payment. Early preparation turns “not yet” into “ready when the time is right.”

You Can Plan Your Timeline Strategically

Life happens. Jobs change, savings grow, and plans shift. Early preapproval gives you a baseline so you can adjust your timeline without stress. Whether you decide to buy in three months or next year, you’ll already know where you stand and what to expect.

Preapproval Isn’t the Same as A Prequalification 

Prequalification and preapproval are both early steps in the lending process, but they differ in accuracy and reliability. 

Prequalification is an informal estimate of how much a borrower may be able to afford, based largely on self-reported financial information such as income, debts, and assets, and it typically does not involve a credit check or document verification. 

In contrast, preapproval is a more formal and reliable assessment in which a lender reviews verified financial documents, pulls credit, and issues a conditional commitment for a specific loan amount. 

As a result, preapproval carries significantly more weight with sellers and demonstrates that a buyer is financially prepared to move forward with a purchase.

The Bottom Line for Hopeful Homebuyers

The smartest buyers don’t wait until they find a home to get prepared. They start early so they can move confidently, avoid surprises, and put their strongest offer forward.

If you’re thinking about buying, whether soon or someday, the best next step is a simple, no-pressure conversation about your options. A little preparation now can make a huge difference when the perfect home pops up.

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About Gershman Mortgage

At Gershman Mortgage, communities, families, and homes are at the heart of what we do. Built on the core values of honesty, integrity, entrepreneurial spirit, and customer-first service, we’re committed to providing an exceptional homebuying experience. Our goal is simple: to exceed expectations and build lifelong relationships.

Communities, families, and homes are at the heart of what we do at Gershman Mortgage. Our founding principles are based on the core values of honesty, integrity, the entrepreneurial spirit, and putting our customers first. We are passionate and committed to customer service and strive to ensure that we exceed the expectations of our customers. We are a customer-centric company devoted to creating and maintaining long-lasting relationships.

NMLS #138063 16253 Swingley Ridge Road Suite 200 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender. Serving borrowers in: Alabama, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Wisconsin

Written by Kaylee Larson for Gershman Mortgage