Getting Pre Approved for a home loan is necessary, but it’s a simple and painless process. To take the first step, complete the CONTACT ME TODAY form to schedule a no obligation / no cost consultation or click the APPLY NOW button above to submit your shot-form application.
What Is a Mortgage Pre-Qualification and Pre-Approval?
Lenders offer borrowers either a pre-qualification letter or a pre-approval letter, but most Realtors® recommend you get a pre-approval letter before you start home shopping.
A pre-qualification letter states the amount a lender thinks you’ll be able to borrow based on your income and credit profile without any actual documentation. Pre-qualification is common when homeowners are exploring refinancing options.
However, tighter lending standards have been implemented since the housing crisis, and all mortgage loans now require full documentation and verification of income and assets for lender approval. Most sellers will only accept a contract from a buyer with a full pre-approval letter, based on the lender verifying supporting income and asset documentation (i.e. paystubs, tax documents, bank and asset statements, etc.).