The Second Step is Getting Pre-Approved for a Loan. You need to know how much a lender will loan you and what will be required from you to obtain a full Loan Commitment. Many consumers think a Pre Approval is a full loan commitment. It is not. If your paying cash, you should be ready to provide Proof of Funds from your bank. In most thriving markets, homes can go under contract within days if the property is priced to sell.