Pre-Approval: Your First Step Toward a Strong Offer

Beginning your homebuying journey is exciting, and one of the most important steps is securing a pre-approval before making an offer. A well-prepared pre-approval helps you understand your purchasing power and demonstrates to sellers that you are a serious and qualified buyer.

Why Pre-Approval Matters

Many buyers begin viewing homes without knowing what they may qualify for. Completing the pre-approval process early gives you clarity and helps prevent surprises later.

As part of the pre-approval review, your mortgage professional evaluates key items, including:

• Verified income and employment
• Credit report and overall credit history
• Monthly liabilities and obligations
• Available assets for down payment, closing costs, and reserves
• Past housing history, where applicable

This allows us to estimate your borrowing capacity with far greater accuracy than online calculators or informal estimates.

Automated Underwriting System (AUS) Review

In compliance with RCW 19.146.0201 (1), (2), and (7), Pacific Coast Financial LLC will run an Automated Underwriting System (AUS)—such as Fannie Mae Desktop Underwriter® or Freddie Mac Loan Product Advisor®—prior to issuing any Pre-Approval Letter.

This ensures your pre-approval is supported by industry-standard automated findings and aligned with Washington’s requirements for accurate, documented, and good-faith representations of a borrower’s qualification profile.

A pre-approval remains subject to full underwriting review, documentation verification, and acceptable property approval.

Pre-Approval vs. Pre-Qualification

Pre-Qualification

• Based on self-reported information
• Income, assets, and debts are not yet verified
• No credit review or AUS findings required
• Provides a rough estimate of potential borrowing ability
• Helpful early in the process, but less reliable in competitive situations

Pre-Approval

• Uses verified documentation (income, assets, employment)
• Includes a full credit report review
• AUS findings are obtained in compliance with Washington law
• Provides a strong, evidence-based assessment of qualification
• Considered significantly stronger by sellers and listing agents

In short: A pre-qualification gives you an idea. A pre-approval gives sellers confidence.

What a Pre-Approval Letter Provides

If your reviewed information meets preliminary lending guidelines and AUS findings meet required conditions, we may issue a Pre-Approval Letter. This letter indicates that—based on the documentation reviewed and AUS results—you appear to meet initial criteria for mortgage financing, subject to full underwriting and verification.

It is not a commitment to lend or a final loan approval.

How Pre-Approval Strengthens Your Offer

• Demonstrates financial readiness to sellers
• Provides a clear understanding of your potential purchasing range
• Gives your real estate agent confidence when presenting your offer
• Shows that your credit, income, and assets have already undergone initial review
• Helps position your offer competitively in multiple-offer environments

Why Speak With a Local Mortgage Professional

While online calculators are helpful for rough estimates, they cannot replace a detailed review from a mortgage professional. During a consultation, we can:

• Discuss your financial profile
• Review available loan programs
• Explain the steps between pre-approval, underwriting, and closing
• Answer questions specific to your goals and circumstances

Our focus is to guide you thoroughly from preparation to closing.

Ready to Begin Your Pre-Approval?

We’re here to help you get started.