Pre-Approval vs. Beat My Rate: Which Auction Should You Run?

Alongside purchase and refinance auctions, HomeTurf offers two more focused auction types: pre-approval and beat my rate. They solve different problems, and knowing which is which helps you pick the right starting point.

Run a pre-approval auction when you are getting ready to buy

A pre-approval auction is for the stage before you have a specific home under contract. You are house hunting, or about to start, and you want to understand what financing you can line up. You describe the kind of purchase you are planning, and verified lenders compete with pre-approval estimates.

This is useful because:

• It helps you shop for homes with a clearer sense of your financing.
• It lets you compare several lenders early, before you are under time pressure.
• It sets you up to move quickly once you find the right home.

Think of it as doing your financing homework first, with lenders competing for the chance to work with you.

Run a beat my rate auction when you already have an offer in hand

A beat my rate auction is for when you already have a rate or an offer from somewhere and you want to see if verified lenders can do better. You post the terms you are working with as a benchmark, and lenders compete to beat them.

This is useful because:

• It turns an offer you already have into a starting line for competition.
• It lets you test the market without committing to the first offer you received.
• It keeps you anonymous while lenders try to win your business.

How to choose between them

The simplest way to decide is by where you are in the process:

• If you do not yet have a specific home or an offer, and you want to get financing-ready, run a pre-approval auction.
• If you already hold an offer or rate and want to see if it can be improved, run a beat my rate auction.

Both follow the same HomeTurf rules. Lenders are verified against the Nationwide Multistate Licensing System, they cannot pay for placement, you stay anonymous until you pick a winner, and you make the final choice.

This is general information rather than financial advice, and the right path depends on your situation. When you know which moment you are in, you can Start Your Auction and let verified lenders compete. HomeTurf is free for borrowers and is now in beta.

HomeTurf is a technology marketplace, not a lender or loan originator. This content is for general information only and is not financial or legal advice. Now in beta.