At Vibrant, getting a preapproval is free, can help you figure out how much you can afford to pay, and shows sellers that your offer is a serious one.

When a lender “prequalifies” you, they make the decision entirely based on what you tell them about your income, other creditors, and cash on hand. At Vibrant, our lenders go through the process of verifying your income, assets, employment, and credit history before we grant a preapproval, significantly reducing the possibility of last-minute surprises. 

However, your final mortgage approval is also based on the condition and location of the property you purchase, which will be determined by professional inspectors and appraisers after your offer is accepted. That’s why it generally only takes a couple of days to receive a preapproval but several weeks longer to finalize your mortgage.

Buyers can expect to pay for property inspections, appraisal, title and flood search, and closing costs unless their contract with the seller states otherwise. These fees can add up to several thousand dollars, depending on your home, and are typically paid in a lump sum at closing, along with your down payment.