May 31, 2024

How to Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage is an important step in the home buying process. It shows sellers that you’re a serious buyer and it can help you get a better interest rate on your loan.

Here’s how to get pre-approved for a mortgage:

  1. Gather your financial documents. You’ll need to provide your lender with information about your income, debts, and assets. This includes your pay stubs, W-2s, bank statements, and investment account statements.
  2. Get a credit report. Your credit score is a key factor in determining your interest rate. You can get a free credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion.
  3. Shop around for lenders. Compare interest rates and fees from different lenders. You can get quotes online or by talking to a loan officer.
  4. Submit a loan application. Once you’ve found a lender, you’ll need to submit a loan application. The application will ask for information about your income, debts, assets, and credit history.
  5. Get pre-approved. The lender will review your application and determine how much you can borrow. They’ll issue you a pre-approval letter that states the maximum amount you’re eligible to borrow.

Getting pre-approved for a mortgage is a relatively simple process. By following these steps, you can increase your chances of getting approved for a loan and getting a better interest rate.

To get started on your mortgage pre-approval process today, click this link: or give us a call at 818-445-6909