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How to Get Pre-Approved for a Mortgage

How to Get Pre-Approved for a Mortgage

Judy Mason

Judy Mason

Senior Mortgage Banker, Dart Bank

How to avoid misguided paths to unaffordable homes that don’t fit your needs or meet your real estate goals

The road to being a successful homeowner begins with preparing for one of the largest purchases in your lifetime. It’s important to understand your options. Many times in excitement, we find ourselves looking and searching for that perfect place.  In doing this, we sometimes find the perfect home. The challenge of finding the perfect home first is deciding how to afford it. Before you search, let’s back up and start over.  Now that you decided it’s time to purchase a home, how can we afford this!?

The Real Estate Mortgage Pre-Approval Process

Find an industry Professional you can Trust

Interview your lender to see if they are qualified, knowledgeable, and friendly. Ask friends and family for referrals of lenders that have served them well in the past, or ask your agent for a recommendation for a tried & true provider.

Share your Goals

Sharing your goals will allow your lender to understand what your length and limitations may be, so that they can extend the right program and product.

Evaluate your financial situation

Evaluating your situation involves understanding employment and income. Along with ability to pay, a lender will evaluate your credit to show history of payments to qualify you for your loan.

Explore Options

This process allows you to evaluate your budget and understand expected monthly payments and other costs with a new home. Custom fit options are presented, based on the thorough review of your financials.

Now that you know what you can afford, you are ready to find the perfect home

Now that you know what you can afford, you are ready to find the perfect home

Getting Started

What do I need? The information needed for the pre-approval process to be completed typically includes the following: 

Income

- Paychecks for 30 days and W2s for current 2 years (self-employed or income driven loans may require Federal tax returns for the last two years.)

Income

- Paychecks for 30 days and W2s for current 2 years (self-employed or income driven loans may require Federal tax returns for the last two years.)

Credit

- Social Security number, date of birth, and driver’s license.

Credit

- Social Security number, date of birth, and driver’s license.

Assets

- Bank statements and assets for the last 2 months.

Assets

- Bank statements and assets for the last 2 months.