Get Pre-Approved for a Mortgage Loan

Get Pre-Approved for a Mortgage

The only way to get out of “Window Shopping” mode and into actual Home Buyer mode, is to get Pre-Approved for a mortgage loan.  Having a Pre-Approval letter from a direct lender empowers you to make offers on homes you like.  Don’t confuse a Pre-Approval with a Pre-Qualification.  They are very different.


What Paperwork Will I Need to Get Pre-Approved for a Mortgage?

There are some basic underwriting requirements that must be met in order to qualify for Government or Conventional mortgage loans.  Each individual program has it’s own restrictions and exceptions to these standard guidelines. If a Lender does not ask for personal information and supporting documentation from you, you’re at best “pre-qualified” which is basically an educated guess and means very little when you’re making offers on homes you like.  You will always be required to get Pre-Approval for a mortgage from a direct lender.


Top 3 Things Lenders Will Need for you to Get Pre-Approved for a Mortgage

Credit Scores The minimum credit score for most programs is 640.  Some lenders will have different restrictions.  Other programs may require higher FICO scores.  Higher credit scores will reduce closing costs if using conventional mortgage.  All that is required to run your credit is your address, full name, social security number and most importantly, your permission. Residence/ Employment/ Income History Most programs will require the documentation of 2 years of Residence (payment documentation is only required for 12 recent months).  You can simply state your last two year’s residence.  Employment history is documented during application stage, and backed up with W2’s from employer to support employment and income. Asset Documentation Most lenders will ask for 60 days of asset documentation.  An asset is any liquid account you have access and at least partial ownership of.  There are very specific rules about “Gift Funds”.  If you will be receiving a large sum of money from a blood or marriage relative, please disclose to your loan officer so they can instruct you the best time and method (least paper work) for receiving that Gift Money.


How Long Does It Take to Get Pre-Approved for a Mortgage?

A Loan Application is a relatively simple process.  Have the information listed above available.  All documentation can be scanned and emailed to your loan officer.  They may require you to use a secure upload link to submit documentation.

All of the Loan Application can be completed in 10-15 minutes over the phone.  Plan probably on closer to an hour so that you can ask all of the questions on your mind.  Don’t be afraid to ask too many questions, there’s no such thing as too many questions!

Once all Support Documentation is submitted and Credit Permission is given, an Loan Approval can be determined within 1-3 hours by a live person in perfect conditions.  Expect the process to be 24 hours following submission of all Documentation and completion of Loan Application.

IMPORTANT – READ NEXT:  10 Best Practices for Pre-Approval Preservation

Estimated Time for Pre-Approval: 1 to 24 hours

With your help answering a handfull of questions about your situation, we can have an intelligent conversation about what options may or may not be available to you in today’s fast changing Mortgage Loan marketplace.

Get Pre-Approved Now

Get started with the Pre-Approval process by completing the short form that best describes your goals

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