How To Get Pre-Approved

Once you’ve progressed past the “just looking” stage, and are ready to tour properties and potentially write an offer, you’ll want to get pre-approved for a mortgage. Should you find the perfect home and want to write an offer quickly, prior consultation with a lender will give you a great advantage over other buyers. Many sellers will, in fact, require you to present a pre-approval letter along with your offer.

Here are the steps you’ll need to follow to get pre-approved for a mortgage:

1. Contact a mortgage professional to discuss which rates and options are available to you. If you don’t already have a preferred mortgage broker, we would be happy to recommend one of our trusted mortgage brokers.

2. Provide your mortgage broker with proof of income and proof of employment. Typically they will ask for W2 statements from the past two years, recent pay stubs, and proof of any additional income you may have.

3. Obtain your current credit score. If you do not have a current report, your broker will run a report for you. The higher your credit score, the better rates and terms you will receive.

4. Define a realistic budget. Once you know what you qualify for, you’ll need to determine what kind of monthly loan payments you are comfortable paying.

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