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Mortgage Pre-Approval

Buying a home can be both exhilarating and stressful; however, if the correct steps are taken, you can experience a very smooth transition from renter to home owner.

A mortgage loan pre-approval is a crucial part of shopping for a home and it's wise to speak with a mortgage professional prior to simply shopping for your dream home. A pre-approval will allow you to shop with the confidence that you'll have financing when it's time to submit an offer.

There are many benefits to obtaining a pre-approval, some of which include:

  1. You'll be clear about how much you can afford and shop within your price range.
  2. Your offers will be taken seriously by sellers.
  3. You'll have an advantage over buyers who are not pre-approved.
  4. You'll determine whether you should consider conforming or jumbo financing.

Pre-Approval Process

The process is fairly simple as all of the documentation you'll need will most likely be saved electronically or accessible online. For the sake of being thorough it's best you provide your mortgage professional with as much documentation as possible. Some of the documents include:

  • Two most recent paystubs.
  • Two most recent Federal tax returns.
  • If self-employed, two most recent business returns.
  • All asset statements – two most recent months for all checking, savings, 401k, IRA, stocks, bonds etc. You'll need to provide all numbered pages – even if they are blank.
  • Authorization to pull credit – This can be an email authorizing the credit inquiry or you can pull your own credit.
  • Contact information for your human resources representative.

If you would like to help move your approval process along, check out our comprehensive list of documents you'll need when applying for a mortgage.

Have more questions? Check out our list of important questions to ask your lender.

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