Why should a Richmond buyer get preapproved before touring homes?
Buying
A meaningful preapproval helps buyers understand financing, compare lenders, identify problems early, set a comfortable range, and present a more credible offer.
August 25, 2026
Why You Should Get Preapproved Before Buying a Home in Richmond, VA
Curt Reichstetter
Richmond buyers should establish financing before touring seriously so they understand the lender-approved range, loan type, estimated cash needs, and issues that could affect closing. The label on the letter matters less than the documents reviewed and the preparation behind it.
What This Covers
Frequently Asked Questions
Does a preapproval guarantee the loan?
No. Final approval depends on underwriting, verified borrower information, the property, appraisal, insurance, title, and other loan conditions.
Should buyers use the maximum amount shown?
Not automatically. The lender’s range is not a personal spending recommendation. Buyers should protect their own comfort and other goals.
How many lenders should a buyer contact?
The CFPB recommends comparing multiple lenders and suggests obtaining at least three preapprovals or loan offers when practical.
Will shopping among lenders hurt credit?
Credit-scoring treatment depends on the model and timing. Buyers should ask lenders and review CFPB guidance rather than avoiding comparison based on an assumption.
When should the preapproval be updated?
Update it when finances, rates, loan type, target price, or property details change, and before submitting an offer if the letter is no longer current.
Can a buyer change lenders after going under contract?
Possibly, but the contract, loan type, deadlines, seller approval requirements, appraisal, and closing schedule may be affected. Discuss any proposed change with the lender and agent before acting.
What is the difference between prequalification and preapproval?
Lenders use the terms differently. Ask what information and documents were reviewed and what remains subject to verification.
Do I need a mortgage preapproval before touring homes?
A current lender preapproval is strongly recommended. It clarifies your price range, loan type, and readiness to make an offer, while payment-specific advice should come from your lender.
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