Get Pre-Approved for a Loan in 4 Simple Steps
Get Pre-Approved
Getting pre-approved for a mortgage is one of the most important thing you can do when you're planning to buy a home.
Mortgage pre-approvals are documents that verify you can get approved for a mortgage loan. Pre-approvals are not an official loan approval - they are the green light to shop around and find the perfect home. You can't make an offer without a pre-approval.
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Step 1 Monthly Payment
The most crucial part of buying a home is being sure you can afford its payment. So, before you get pre-approved, decide how much you feel comfortable spending each month and write that number down.
A mortgage lender may pre-approve you for a larger monthly payment. We recommend you stay within your budget.
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Step 2 Mortgage Company
Mortgage pre-approvals are available for free through most mortgage websites with no obligation to proceed. Many home buyers get their mortgage from a different mortgage company that pre-approved them. So, don't overthink this step.
The critical part of getting your pre-approval is that you get it. Without a pre-approval, you cannot buy a home.
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Step 3 Financial Documentation
As part of your pre-approval, the lender may ask for supporting paperwork, including:
- Bank statements
- W-2 statements
- Pay stubs and proof of deposits
- Federal tax returns
- Student loan statements
You don't need them downloaded or on your hard drive in advance. Just know where to find these documents when you get asked.
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Step 4 Get Pre-Approved
Mortgage pre-approvals get processed online or in person. The simplest pre-approvals are self-service.
Home buyers can get a free mortgage pre-approval from any mortgage lender or do a self-service pre-approval in under three minutes at Homebuyer.com.
Getting Pre-Approved Saves you Money!
A mortgage pre-approval is the questionnaire that's the first step in buying a home. It tells a buyer which mortgages they can use and how much house they can buy.
Buyers Workshop