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Can I shop for a home without a mortgage pre-approval?

Is it okay to shop for a home without a mortgage pre-approval letter?

In short, it is possible to shop for a home without a mortgage pre-approval letter. There is nothing stopping you from looking at a home that you’re interested in buying and making an offer without a lender or agent involved.

However, if you are serious about purchasing a home then having a pre-approval can help get you into your home a bit quicker. A pre-approval also gives you a better idea of how much you’re likely to get approved for, so that you’re looking at the right price point when house shopping.

Do you know that getting a mortgage pre-approval is your next step? Apply today and start owning!

Can I make an offer on a home without getting pre-approved for a mortgage?

You do not have to have a pre-approval to make an offer on a home. You can put in your bid and a lender may consider it.

However, if there are multiple buyers making offers on the home, the ones with a pre-approval tend to stand out more as it shows that they have been assessed already for approval of a loan. In a competitive market, you may hurt your chances of getting into your dream home when you don’t have a pre-approval letter.

What are the benefits of having a pre-approval letter?

There are multiple benefits to having a pre-approval letter in tow when shopping for your home.

During the pre-approval process your finances are reviewed in detail. This means that a mortgage pre-approval letter gives you an idea of how much home a lender will likely approve you for. This allows you to set a budget and research homes near a budget that you know you can get approved for.

A pre-approval letter also shows lenders that you are more serious about getting into a home and can set you apart from other buyers. Getting pre-approved can save you time along the way to home ownership because having one can mean you will close faster on the home. You’ve already completed a few necessary tasks needed before closing.

How do I get a pre-approval & shop for a home with confidence?

First, you want to choose a lender that has rates and terms that meet your needs. Not all lenders are the same, so it’s a smart idea to shop around until you are confident that you have a good fit. Lenders will need certain information from you in order to complete your pre-approval letter:

  • Personal information: this information is used to verify your identity and to run a credit check. Your lender may ask for a few types of personal information.
  • Asset information: if you have assets then you will need to provide documentation verifying what they are and what their value is.
  • Income information: you will have to provide proof of income. Items like your pay stubs and tax returns are generally used. Your lender may also want bank statements.

Having a pre-approval from a lender that fits your needs is a good way to enter the home buying market with confidence. Knowing what you are likely to get approved for and having the proof to back you up can help you tremendously. Take your first steps toward a new home with a pre-approval from Owning by applying online!

Are you considering a move to another state? We can help you understand costs. Check out our mortgage calculator for California, Florida, Texas or Tennessee and learn how much home you can afford.


Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Owning for current rates and for more information.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Owning, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Owning, Inc. Owning, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Owning does not provide tax advice. Please contact your tax adviser for any tax related questions.