A Realtor's Guide to Fast, Reliable Pre-Approvals

A reliable pre-approval letter comes from a lender who has actually reviewed the buyer's credit, income, and assets, not just typed in numbers the buyer gave them. As a Realtor, the fastest way to vet a letter is to call the loan officer, ask what was verified, and listen to how quickly and clearly they answer. The strongest letters are backed by an underwriter review, often called a TBD approval.

We work with agents across Austin every week, and the deals that go smoothly almost always have one thing in common: the lender and the agent talk early and often.

Key takeaways

• A pre-approval is only as strong as the documents behind it. Ask what was verified.
• A TBD (to be determined) approval means an underwriter has reviewed the file before there is a property. It is one of the strongest positions a buyer can bring to an offer.
• Lock & Shop lets a buyer secure pricing while they shop, which can protect their budget in a moving market.
• A quick call with the lender tells you more than the letter itself.
• Responsive communication through the option period and closing is what keeps deals together.

Why pre-approval letters vary so much

Two letters can look almost identical and mean very different things. One lender may have pulled credit, reviewed two years of tax returns, confirmed the down payment funds, and run the file through automated underwriting. Another may have issued the letter after a five-minute phone call. The seller's agent cannot tell the difference by looking at the page, and neither can you.

That matters most in competitive Austin neighborhoods where a seller may be comparing several offers. A weak letter can lead to a deal falling apart weeks later, after your buyer has already spent money on an option fee, inspection, and appraisal.

How to vet a buyer's pre-approval letter

Here is the checklist we suggest agents use, whether the buyer is working with us or another lender.

Check the basics on the letter

• Is the letter on company letterhead with the loan officer's name and NMLS number?
• Does it list a loan type (conventional, FHA, VA, USDA, jumbo) and a purchase price?
• Is it dated recently?
• Does the purchase price match what the buyer wants to offer?

Call the loan officer

A two-minute call answers most of the real questions:

1. Did you pull credit? A tri-merge credit report is the starting point.
2. Have you reviewed income documents? Pay stubs, W-2s, and tax returns for salaried buyers; bank statements or returns for self-employed buyers.
3. Have you verified assets for the down payment and closing costs? Where are the funds coming from, and are any gift funds documented?
4. Has the file been run through automated underwriting, or reviewed by an underwriter?
5. Is there anything that could change the approval? A pending job change, a large deposit that needs explaining, or a debt that needs to be paid off.
6. How fast can you close? And are you comfortable with the dates in our contract?

Pay attention to how the lender responds. If it takes two days to get a callback on a pre-approval, imagine how the option period will go.

What a TBD approval is and why it helps

A TBD approval, sometimes called a TBD underwrite, means the buyer's full loan file has been submitted to an underwriter and reviewed before a specific property is chosen. The "to be determined" part is the address. Once the buyer is under contract, what remains is mostly property-related: the appraisal, title, and insurance.

For your buyer, that means fewer surprises. For the listing side, it means an offer that carries far less financing risk. We offer TBD approvals through Network Funding's in-house underwriting, which keeps the review close to home instead of waiting in a queue at an outside investor.

What Lock & Shop means for your buyer

Lock & Shop lets a qualified buyer lock in pricing before they have a home under contract, so they can shop knowing their budget is protected if the market moves. Program terms, time frames, and eligibility vary, and it is not the right fit for every buyer. For buyers who are worried about affordability shifting while they look, it can take a lot of stress out of the search. Ask us whether it fits a specific buyer.

Why lender communication wins deals

When a deal falls apart, the cause is often not the buyer's qualification. It is silence. An appraisal comes back and nobody explains the options. A condition sits unanswered for three days. A closing date slides, and the agent hears about it from the title company.

Here is what agents should expect from their lender partner, and what we commit to:

• A same-day answer on pre-approval questions. Our office is open 8 AM to 8 PM, seven days a week.
• Status updates at every milestone, not just when something goes wrong: application, disclosures, appraisal ordered, appraisal back, submitted to underwriting, conditional approval, clear to close.
• A direct line to the loan officer, not a general inbox.
• Straight talk when there is an issue, along with the options to fix it.

We issue pre-approval letters typically within 24 hours of receiving a complete application, and most of our loans close in 21 to 30 days from contract. Some loan types can close in as few as 10 days, depending on the file.

How to set your buyers up for success

1. Send buyers to get pre-approved before they start touring. Our application takes about 10 minutes at our get-started page.
2. Ask about a TBD approval for buyers who plan to compete on well-priced homes.
3. Share the lender's contact information with the listing agent when you submit an offer and invite a call.
4. Loop the lender in when you set the closing date, so the timeline is realistic from day one.
5. Remind buyers not to open new credit, change jobs, or move money around until after closing.

Let's work together

We have served more than 2,000 families and funded more than $500M in loans, and a big part of that has come from agents who trust us with their buyers. Visit our Realtor partner page to learn how we work with agents, or call 512-657-1333 to talk about a buyer today.

Additional terms and conditions apply. Not all loan types are compatible with this product. Subject to underwriting conditions. Not a promise to make a loan. All borrowers must qualify. Network Funding, LP NMLS #2297. Kyle Richardson NMLS #863464. Equal Housing Lender.