To reach an agreement in principle, you must contact a mortgage lender, either directly or through a mortgage broker. If you need to borrow money, there is no progress in buying a home until you have a mortgage approved by a lender, and the time it takes to get a mortgage can depend on a number of factors, including your creditworthiness, the results of a mortgage appraisal survey, and your assessment of income and affordability. In short, yes. An agreement in principle is not a promise or guarantee to be able to borrow money or to be tied to a particular asset. If you re-perform, this information will be less necessary, so you would submit an agreement in principle once you have chosen a lender and a product. In this Compare My Move guide, we`ve worked with experienced real estate journalists to explain the purpose of an AIP and why it`s an important part of the home buying process. An agreement in principle, also known as a „decision in principle,“ „promise of mortgages,“ or „mortgage in principle,“ is a certificate or statement from a lender that states that they would lend you a certain amount „in principle.“ As part of an agreement in principle, the lender will check your creditworthiness and review your credit history. After you file your mortgage application, your lender will order the auditor to conduct an assessment to ensure that the property is worth the amount you want to pay.. . .