How to Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage is a crucial early step in your home buying journey. It not only gives you a clear idea of your budget, but also shows sellers that you’re a serious, qualified buyer. Let’s walk through how to get pre-approved, so you can shop for your dream home with confidence!

1. Check Your Credit Score

Start by reviewing your credit report. Lenders use your credit score to determine your loan eligibility and interest rate. If you spot any errors, work to correct them before applying. Generally, a higher score means better loan terms.

2. Gather Your Financial Documents

Lenders will want to see proof of income, assets, and debts. Common documents include:

• Recent pay stubs
• W-2s or tax returns from the past two years
• Bank statements
• Statements for retirement accounts or other assets
• Information on outstanding debts (like car loans or student loans)

3. Research Lenders and Loan Options

Not all lenders are the same, and neither are their loan products. Shop around and compare interest rates, fees, and customer reviews. Consider talking to banks, credit unions, and mortgage brokers to find the best fit for your needs.

4. Submit Your Application

Once you’ve chosen a lender, you’ll complete a pre-approval application. This can often be done online, over the phone, or in person. The lender will review your financial details and may ask for additional documents.

5. Get Your Pre-Approval Letter

If you qualify, the lender will issue a pre-approval letter stating how much you can borrow. This letter is typically valid for 60–90 days and strengthens your position when making an offer on a home.

Tips for a Smooth Pre-Approval Process

• Don’t make major financial changes (like opening new credit cards or making large purchases) during the process.
• Be honest and thorough with your application—missing information can slow things down.
• Keep copies of all your documents handy for quick reference.

Final Thoughts
Pre-approval is your ticket to a focused, confident home search. With your finances in order and a pre-approval letter in hand, you’ll be ready to move quickly when you find the perfect place. Happy house hunting! 🏡