Once you have allowed your loan officer to pull your credit and you have submitted all of your required paperwork, the loan officer will issue you a pre-approval letter. The pre-approval letter will specify the maximum purchase amount for your home, the loan type, the percentage and dollar amount of your down payment as well as the anticipated interest rate. It will also have an expiration date of between 30 and 90 days depending on the lender you are using.

Find out what happens next on Episode 3 of The Real Estate Connect Podcast!

This content is not the product of the National Association of REALTORS®, and may not reflect NAR's viewpoint or position on these topics and NAR does not verify the accuracy of the content.