How to Get Pre-Approved for a Mortgage

Steps to Get Preapproved for a Mortgage

1. Check Your Credit Score

o Review your credit score and credit report.

o Address any inaccuracies and work to improve your score if needed.

2. Calculate Your Budget

o Determine how much you can afford for a down payment, monthly payments, and other expenses like taxes and insurance.

3. Gather Financial Documents

Prepare these common documents:

o Proof of income (pay stubs, W-2s, or 1099s).

o Bank statements (last 2–3 months).

o Tax returns (last 2 years).

o Documentation of debts (credit cards, car loans, etc.).

o Identification (driver’s license or Social Security card).

4. Choose a Lender

o Research lenders, including banks, credit unions, and mortgage brokers.

o Compare interest rates, fees, and customer reviews.

5. Submit Your Application

o Provide the lender with your financial documents and complete their preapproval application.

o Be honest and thorough to avoid delays.

6. Undergo a Credit Check

o The lender will perform a hard credit inquiry to assess your financial profile.

7. Receive Your Preapproval Letter

o Once approved, you'll receive a letter stating how much you’re approved to borrow.

o Use this letter to show sellers you're a serious buyer.

Pro Tips

? Stay Within Budget: Preapproval doesn’t mean you should borrow the full amount; choose a loan that fits your financial comfort zone.

? Avoid Major Financial Changes: Don’t make large purchases or change jobs during the preapproval process.

? Ask Questions: Clarify terms, interest rates, and loan programs with your lender.

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