Get your financing ready
Before you spend weekends looking at houses, find out what your financing actually supports. A useful lender conversation covers the payment, cash needed, and remaining conditions—not just a maximum price.
Start with the work behind the letter
Lenders use “prequalification” and “preapproval” differently. Ask what they verified: income, assets, debts, credit, and any unusual parts of your situation. A letter based on a conversation is different from a file with documents reviewed. Even a more thoroughly reviewed approval can have conditions tied to you and the property.
Ask when the letter expires and what would require an update. A preapproval is not a promise that every home in that price range will qualify, and it does not require you to borrow the maximum.
Compare the people as well as the price
You can speak with a bank, credit union, mortgage lender, or mortgage broker. A broker can shop among participating lenders; a lender offers its own available programs. Neither label tells you whether that particular person will communicate clearly or handle your situation well.
Ask who will answer questions when you are preparing an offer, which loan programs they are considering, and what might delay your file. Compare written estimates using the same loan amount, down payment, loan type, and rate-lock assumptions. A low advertised rate can involve points or other costs.
Build your document file
Your lender will give you a list based on how you earn income and where your funds come from. Common requests include identification, recent pay statements, tax forms, bank statements, and explanations of large deposits. Self-employment, retirement income, gifts, and a home sale can require additional documentation.
Send sensitive records through the lender’s secure process. Keep a simple record of what you supplied and what is still outstanding. Do not send account numbers or Social Security numbers through a general real estate contact form.
Keep the plan steady through closing
Before changing jobs, opening credit, financing furniture, moving large sums, or using gift funds, ask your loan officer how it may affect the loan. Report changes honestly; hiding a change can create a much bigger problem later.
Finally, ask for a payment illustration using realistic property taxes and insurance. Two homes at the same purchase price can fit your budget very differently. Lesson 2 turns the lender’s numbers into a household spending decision.
Ask: “What could still prevent this loan from closing?” The answer is more useful than the label on the letter.
Your next step
Use page 1 of the workbook to record:
- Lender and loan officer; best phone number
- Documents requested and secure delivery method
- What has been verified? What remains conditional?
- Estimated payment, cash to close, and letter expiration
Further reading
Want to talk through your situation?
I work with buyers across western and central Suffolk County. Bring your questions, whether you are planning ahead or already looking.
Ask Tom a questionHow I help buyersEducational guidance by Thomas Brady, Licensed Associate Real Estate Broker, Vintage American Realty, LLC. Updated September 11, 2026. Your lender, attorney, insurer, and other qualified professionals should confirm the requirements for your purchase.