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What is Pre-Approval?

Pre-approval is a process where a lender evaluates your creditworthiness and financial history to determine how much you can borrow for a mortgage. This process involves a credit check, income verification, and a review of your debt-to-income ratio. Once you are pre-approved, you will receive a letter from the lender stating the maximum amount you can borrow for a mortgage.

Why get Pre-Approved?

Getting pre-approved for a mortgage is an essential first step in the home buying process for several reasons:

  1. Determine Your Budget: Pre-approval helps you understand how much you can afford to spend on a home. This allows you to narrow your search and focus on properties that fit within your budget.

  2. Be Taken Seriously by Sellers: In a competitive real estate market, sellers often receive multiple offers. Being pre-approved shows sellers that you are a serious buyer and have the financial means to make an offer.

  3. Save Time: Pre-approval can help streamline the home buying process. With a pre-approval letter in hand, you can make an offer on a home quickly and confidently.

How to Get Pre-Approved?

To get pre-approved for a mortgage, you will need to work with a lender. Our website can help connect you with a trusted lender in your area who can guide you through the pre-approval process.

The pre-approval process typically involves the following steps:

  1. Submit a Mortgage Application: You will need to fill out a mortgage application with the lender. The application will ask for information about your income, employment, credit history, and debt.

  2. Provide Documentation: You will need to provide the lender with documentation to support the information in your application. This may include tax returns, pay stubs, bank statements, and other financial documents.

  3. Credit Check: The lender will pull your credit report to review your credit history and credit score.

  4. Evaluation: The lender will evaluate your application and documentation to determine how much you can borrow for a mortgage.

  5. Pre-Approval Letter: If you are approved, the lender will provide you with a pre-approval letter stating the maximum amount you can borrow for a mortgage.

Start the Process Now

Apply for your Pre-Approval

Each lender has their own years of experience and ways they can make your situation work best for you. Below are just two of many lenders I know and trust who will find the best deal and option for your needs. I always encourage buyers to shop around once you start the process as well, which will not reflect negatively on your credit for 30 days.

 

Ready to meet?

To schedule a showing or ask questions about buying or selling, please contact us using the form below.