Let Us Help You With the Pre-Approval Process

The preapproval process is essentially a mortgage application. This means your lender will want to take a comprehensive look at your finances. You should be prepared to provide information on the following:

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• Proof of income

• Employment verification

• Proof of assets

• Credit history

• Identification

• Debt-to-income ratio (DTI)

 

Before starting the preapproval process, you'll want the necessary documentation to ensure the process goes smoothly. Here are a few items you should have on hand:

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• W-2 statements

• Pay stubs

• Bank statements

• License

• Social Security number

 

Once you've submitted all your information to the lender, you can expect to receive your loan estimate within 3 business days, though this may be much shorter. The loan estimate will let you know whether you've been preapproved and for how much.

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When you get preapproved, you usually get a preapproval letter. There are a few reasons the preapproval letter is important. First, real estate agents typically want to see your preapproval letter before they show you houses. This ensures they don’t waste time showing you homes outside your budget. Second, the preapproval letter is something you can share with the home’s seller when you make an offer. It shows you won’t have problems getting financed for the amount you’re offering.

 

 

Preapproval doesn't last forever. Check your expiration date and keep it in mind as you look at homes. Though it varies from lender to lender, preapproval is typically valid for 60 – 90 days. If you haven't settled on a house, you can request a renewal by giving your lender your most up-to-date financial and credit information