Ask the Lender – Is it necessary to obtain a pre-approval?

Rod Stover, SVP Commercial/Mortgage Lender MLO #554357

A home is one of the most important purchases you will make in your lifetime.  As with any major decision, the more research and planning you do, the better you will feel about the decision you make. The pre-approval process helps you find the right price range, choose the appropriate loan program (term) and may determine the interest rate you receive. In order to avoid feeling overwhelmed, we can guide you through the process and help you find the right fit for your financial situation.

Getting started...

Evaluate your household budget and determine a maximum payment you feel comfortable with for your mortgage loan.  If you do not have a budget and need some help, go to Mortgage Guaranty Insurance Corporation (MGIC)’s website,

  • Click on HOMEBUYERS at the top of the page.
  • Click on HOMEBUYER EDUCATION on the lefthand side.

The link to this site will provide many resources regarding the home-buying process, from pre-approval to closing your loan.

MGIC has also prepared a series of newsletters designed to help you. These newsletters cover topics that include: budgeting, the importance of credit, protecting your identity and understanding your credit report.

Obtaining your pre-approval…

Schedule a meeting with one of Citizens National Bank’s mortgage lenders. A list of things to bring to your appointment is located on our website at During the pre-approval process the lender will work with you to find the right product and term that best fits your financial goals.  To obtain a pre-approval, a lender evaluates your credit history, and calculates your housing and debt ratios. You should expect to verify your income, length of employment and source of down payment.

A pre-approval letter shows the seller(s) and/or the realtor(s) that you are a serious buyer and this will put you several steps ahead of other interested buyers that have not started the application process yet. If a lender denies pre-approval, you should investigate immediately. Without a pre-approval, your chances of obtaining a mortgage loan are jeopardized. If a lender bases the decision, in part, on information in your credit report, you have the right to receive a free copy of the report.


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