{"id":10923,"date":"2021-08-30T09:21:52","date_gmt":"2021-08-30T15:21:52","guid":{"rendered":"https:\/\/www.shieldagency.com\/blog\/?p=10923"},"modified":"2023-08-21T16:46:44","modified_gmt":"2023-08-21T22:46:44","slug":"does-getting-pre-approved-for-a-mortgage-guarantee-youll-get-a-loan","status":"publish","type":"post","link":"https:\/\/www.shieldagency.com\/blog\/does-getting-pre-approved-for-a-mortgage-guarantee-youll-get-a-loan\/","title":{"rendered":"Does getting pre-approved for a mortgage guarantee you&#8217;ll get a loan?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Maurie Backman | <a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/real-estate\/2021\/08\/17\/mortgages-does-getting-pre-approved-mean-youll-get-the-loan\/48645363\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/real-estate\/2021\/08\/17\/mortgages-does-getting-pre-approved-mean-youll-get-the-loan\/48645363\/\">USA Today &#8211; The Motley Fool<\/a> | mortgage guarantee<a href=\"https:\/\/www.facebook.com\/dialog\/share?display=popup&amp;app_id=215046668549694&amp;href=https%3A%2F%2Fwww.usatoday.com%2Fstory%2Fmoney%2Fpersonalfinance%2Freal-estate%2F2021%2F08%2F17%2Fmortgages-does-getting-pre-approved-mean-youll-get-the-loan%2F48645363%2F\"><\/a><a href=\"http:\/\/twitter.com\/share?url=https%3A%2F%2Fwww.usatoday.com%2Fstory%2Fmoney%2Fpersonalfinance%2Freal-estate%2F2021%2F08%2F17%2Fmortgages-does-getting-pre-approved-mean-youll-get-the-loan%2F48645363%2F&amp;text=Does%20getting%20pre-approved%20for%20a%20mortgage%20guarantee%20you%27ll%20get%20a%20loan%3F&amp;via=usatoday\"><\/a><a href=\"mailto:?subject=Does%20getting%20pre-approved%20for%20a%20mortgage%20guarantee%20you%27ll%20get%20a%20loan%3F%20-%20from%20USA%20TODAY&amp;body=Does%20getting%20pre-approved%20for%20a%20mortgage%20guarantee%20you%27ll%20get%20a%20loan%3F%0A%0AYou%20might%20assume%20that%20if%20a%20mortgage%20lender%20pre-approves%20you%20for%20a%20home%20loan%2C%20you%27re%20guaranteed%20that%20mortgage%20once%20you%27re%20ready.%20But%20that%27s%20not%20true.%0A%0ACheck%20out%20this%20story%20on%20usatoday.com%3A%20https%3A%2F%2Fwww.usatoday.com%2Fstory%2Fmoney%2Fpersonalfinance%2Freal-estate%2F2021%2F08%2F17%2Fmortgages-does-getting-pre-approved-mean-youll-get-the-loan%2F48645363%2F\"><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are certain steps it pays to take when you embark on a home search. You should spend some time interviewing real estate agents, make a wish list of the home features you&#8217;re looking for, and&nbsp;<a href=\"https:\/\/www.fool.com\/the-ascent\/mortgages\/pre-approved-mortgage-guide\/?utm_source=usa-today&amp;utm_medium=feed&amp;utm_campaign=article&amp;referring_guid=6c3de603-6f47-4678-84b6-4ab35120fd03\" target=\"_blank\" rel=\"noreferrer noopener\">get pre-approved for a mortgage<\/a>. Some buyers, however, don&#8217;t take that final step, either because they don&#8217;t know about it or because they don&#8217;t understand how it works. Here are a few things you should know about mortgage pre-approval.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Getting pre-approved for a mortgage doesn&#8217;t guarantee you a home loan<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You might assume that if a&nbsp;<a href=\"https:\/\/www.fool.com\/the-ascent\/mortgages\/best-mortgage-lenders\/?utm_source=usa-today&amp;utm_medium=feed&amp;utm_campaign=article&amp;referring_guid=6c3de603-6f47-4678-84b6-4ab35120fd03\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage lender<\/a>&nbsp;pre-approves you for a home loan, you&#8217;re automatically guaranteed that mortgage once you&#8217;re ready to sign it. But that&#8217;s not the case. Mortgage pre-approval is not the same as getting an actual mortgage, and if your financial circumstances change between the time you&#8217;re pre-approved and the time you want to apply for a home loan, you may be denied.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, getting pre-approved is a step in the right direction. And if nothing changes for the worse, financially speaking, then there&#8217;s a strong chance you&nbsp;<em>will<\/em>&nbsp;get a mortgage once you want one.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. It can make for a more efficient home search<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When you go through the pre-approval process, a lender gives you a specific amount that you can borrow based on your income and the funds you have available for a&nbsp;<a href=\"https:\/\/www.fool.com\/the-ascent\/mortgages\/how-save-down-payment-house\/?utm_source=usa-today&amp;utm_medium=feed&amp;utm_campaign=article&amp;referring_guid=6c3de603-6f47-4678-84b6-4ab35120fd03\" target=\"_blank\" rel=\"noreferrer noopener\">down payment<\/a>. Having that number is important because it can help you avoid looking at homes that are outside of your price range.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. It could help you beat out another buyer in a bidding war<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.usatoday.com\/story\/money\/personalfinance\/real-estate\/2021\/08\/17\/mortgages-does-getting-pre-approved-mean-youll-get-the-loan\/48645363\/\" target=\"_blank\" rel=\"noreferrer noopener\">Click here for the rest of the story<\/a>&#8230;<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">More great articles!<\/h2>\n\n\n<ul class=\"wp-block-latest-posts__list wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.shieldagency.com\/blog\/health-insurance-for-michigan-families-managing-chronic-conditions\/\">Health Insurance for Michigan Families Managing Chronic Conditions<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.shieldagency.com\/blog\/how-life-insurance-can-support-long-term-care-planning-without-replacing-it\/\">How Life Insurance Can Support Long-Term Care Planning Without Replacing It<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.shieldagency.com\/blog\/what-happens-if-your-vehicle-is-totaled-understanding-the-auto-insurance-claims-process\/\">What Happens If Your Vehicle Is Totaled, Understanding the Auto Insurance Claims Process<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.shieldagency.com\/blog\/why-now-is-a-smart-time-for-michigan-businesses-to-review-liability-coverage-before-spring-foot-traffic-increases\/\">Why Now Is a Smart Time for Michigan Businesses to Review Liability Coverage Before Spring Foot Traffic Increases<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.shieldagency.com\/blog\/snowstorms-and-roof-damage-is-your-michigan-home-covered\/\">Snowstorms and Roof Damage: Is Your Michigan Home Covered?<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Maurie Backman | USA Today &#8211; The Motley Fool | mortgage guarantee There are certain steps it pays to take when you embark on a home search. You should spend some time interviewing real estate agents, make a wish list of the home features you&#8217;re looking for, and&nbsp;get pre-approved for a mortgage. Some buyers, however, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[342,1,348,2],"tags":[1684,4,1683,71,1681,62],"class_list":["post-10923","post","type-post","status-publish","format-standard","hentry","category-home-insurance","category-insurance","category-renters-insurance","category-shield-blog","tag-getting-pre-approved-for-a-mortgage","tag-home-insurance","tag-home-loan","tag-michigan","tag-pre-approved-mortgage","tag-shield-insurance-agency"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/10923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/comments?post=10923"}],"version-history":[{"count":4,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/10923\/revisions"}],"predecessor-version":[{"id":13518,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/posts\/10923\/revisions\/13518"}],"wp:attachment":[{"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/media?parent=10923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/categories?post=10923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shieldagency.com\/blog\/wp-json\/wp\/v2\/tags?post=10923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}