5 Things Buyer's Agents Should Know About Pre-Approvals (Q4 2026)

Not always. Lenders use these terms differently, and neither letter is a guaranteed loan offer. What matters is what was reviewed to support the letter.

• Pre-qualification – Often based on information the buyer reported, sometimes without supporting documents.
• Pre-approval – Generally includes a credit review and a review of income and asset documents.

Any approval remains subject to lender conditions, including applicable appraisal, title, and final underwriting requirements.

With your buyer's permission, ask the loan officer:

• Was credit pulled?
• Were income and asset documents reviewed?
• Was the file run through an automated underwriting system, and has a lender’s underwriter reviewed it?
• What loan program and down payment is the letter based on?
• Are there any open conditions that could affect the offer?

Clear answers can help you write an offer with realistic terms and timelines.

• Check the date – Pre-approval letters and the credit reports behind them can expire. Confirm the letter is current before each offer.
• Match the letter to the offer – Ask the loan officer for a letter reflecting the proposed purchase price, loan amount, and financing terms, without unnecessarily disclosing the buyer’s maximum qualification.
• Update after changes – If the price, down payment, or loan program changes, request an updated letter.

Changes to a buyer's finances between pre-approval and closing may require the file to be reviewed again and can affect the approval. Encourage buyers to talk with their loan officer before:

• Opening new credit or financing large purchases
• Changing jobs or how they are paid
• Making large deposits they cannot document
• Co-signing a loan for someone else
• Missing payments on existing accounts

• Mortgage commitment date – Massachusetts Purchase and Sale Agreements commonly include a mortgage contingency with a commitment date negotiated by the buyer and seller. Confirm with the loan officer that the date is realistic before it is set.
• Attorney closings – Residential mortgage closings in Massachusetts involve a Massachusetts-licensed attorney. Coordinate scheduling with the closing attorney early.
• Holiday timing – Thanksgiving, Christmas, and New Year's can affect lender, appraiser, attorney, and Registry of Deeds schedules. Consider building extra time into Q4 closing dates.
• Disclosure timing – Buyers must receive the Closing Disclosure at least 3 business days before closing, and certain late changes can restart that waiting period.

Your referral puts your reputation on the line. Mortgage Unity works to earn that trust with proactive communication, careful attention to your buyer’s financing, and a clear focus on keeping the transaction moving toward closing.

Mortgage Unity is an independent mortgage broker based in Massachusetts. We work with buyer’s agents to clarify what supports a pre-approval, identify financing concerns early, and set realistic expectations for commitment and closing dates. With your buyer’s permission, we keep you informed about loan progress and issues that could affect the transaction so you can guide your client with confidence.

By working with multiple lenders, we help your buyers compare loan options and explore alternatives when a financing challenge arises. Throughout the process, our priority is to take care of your client and support the relationship you’ve built.

We are licensed in Massachusetts, Connecticut, Rhode Island, New Hampshire, Maine, Florida, and Arizona.