Get Pre-Approved for a Mortgage Loan.

The pre-approval process for a mortgage loan is an important step in the home-buying process. So, how do you get pre-approved? 

First, you should gather your financial documents, such as your W2s, pay stubs, and bank account information. Once you have everything ready, you can contact a lender and request a pre-approval. They will ask you to fill out a form and attach your supporting documents. You can request the amount you’d like to be pre-approved for at this me. 

The financial institution will then run your credit and check how much you can expect to be approved to borrow. Within 1-2 business days after application, if you’re approved, you’ll receive a pre-approval leer with the amount you’re approved to borrow and the current interest rate. Keep in mind your pre-approval does not lock in your interest rate. 

Getting Pre-Approved for a Mortgage Loan? Avoid Additional hits to your Credit Score.

You can request more than one pre-approval to determine the best financial institution to process your loan. However, it’s recommended to request these within a few days of one another to avoid multiple hits to your credit score.

Once you have your pre-approval, you can feel confident making an offer on a house. The pre-approval leer shows the seller that you are a serious buyer who can qualify for a loan to purchase. Your pre-approval will typically expire within 90 days, so you may need to reapply if you don’t find your dream home within that time period. 

You can also get pre-approval when you refinance your home to get the most accurate estimate for your new loan. The process is very similar to your initial pre-approval purchase to buy the home. However, you will need to provide property value information as well as your most recent mortgage statements. 

Want to learn more? Contact Taylor Made Home Loans today, and we will take the guesswork out of the home-buying experience.