Understanding the Pre-Approval & Mortgage Process

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Getting pre-approved is one of the most important steps in the home buying journey, and it’s often the one buyer’s feel the most nervous about. That’s where I come in! When you work with me, I make sure this part feels clear, calm and empowering.

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What is a Pre-Approval?

    Pre-approval is when a lender reviews your finances — income, credit score, debts, and savings — and gives you a written letter stating how much you’re qualified to borrow. I will submit the letter with your offer once you pick the home you want to purchase. Think of it as your financial green light. It tells sellers you’re serious and gives us the power to make a strong, credible offer.

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Why it matters?

    In today’s market, most sellers won’t even consider an offer that doesn’t come with a pre-approval letter. It shows you’re ready and able to buy, and puts you ahead of buyers who haven’t done this step yet. Even more importantly, it helps you understand exactly what you can afford (and what monthly payments will look like) so you don’t waste time looking at homes that don’t fit your budget.

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What will you need?

    Lenders will typically ask for:

• Pay stubs and proof of income

• Bank statements

• Tax returns

• Credit check

• Employment verification

• ID

    Don’t have one of these? Don’t fret! Let’s talk to your lender to find out what your options are.

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How to choose a lender?

    I work with trusted lenders who can help you find the right loan program for you. Pro tip: It’s okay to shop around. Getting quotes from 2-3 lenders won’t hurt your credit if done within a short timeframe.

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I’m pre-approved. Now what?

    Now you’re ready to shop! You’ll know your price range, we can move fast when you fall in love with a home, and sellers will take your offer seriously. I’ll be by your side to help explain everything from interest rates and down payments to closing costs and what not to do with your credit during the process.