What a pre-approval actually says
A pre-approval is an underwriting opinion that you can likely qualify for a loan amount given today’s credit, income, assets, and a set of assumptions about the property. It is not a budget. Lenders will often qualify you for more house than is comfortable once taxes, insurance, HOA dues, and childcare show up on a Tuesday.
Payment is the number that stays
Principal and interest are only part of the housing payment. In the Portland metro and Puget Sound, property taxes and insurance are not rounding errors. Condos add HOA. New construction can reassess. We underwrite with a realistic monthly number, not the listing agent’s “P&I only” graphic.
Reserves are underrated
Cash left after closing is what keeps a purchase from becoming a crisis when the water heater dies or a job changes. Some programs require reserves. Even when they do not, we will say if the file is leaving you too thin. That is part of the job.
The honest range
We will show you a qualifying ceiling and a recommended range. They are often not the same number. If you want the ceiling, we will still close it—after you have seen the payment with taxes and insurance, not before.