With a rate hold, you fill out an application and can hold your rate for 120 days.

A rate hold is not a true pre-approval.

A true pre-approval is ongoing. 

Example:

You get approved in March but don't find a property until that following September. Aslong as you haven't done the following:

• Taken on new debt (new car loan)
• Spent large amounts of money
• Change you career type (quitting your job)

we would just need to update your documents.

Making one of the above mentioned changes could end your pre-approval. 

Online Pre-Approval:

This is generally a quick application you fill out on a website to get a general range of what you may qualify for.

You would Not want to go shopping with an online pre-approval.

True Pre-Approval:

This is when you've submitted your application, documents, and had your credit reviewed.

We pull your credit one time. This will not negatively affect you unless you have previous credit concerns.

An example of one of these concerns can be missed or late payments.

Credit reports allow you to have a certain number of hard pulls per year.