Mortgage pre-approval streamlines the buying process

Before you begin shopping for your new home, it’s important to get organized. A mortgage pre-approval helps you figure out what you can afford, what types of loans are available, and be prepared to move quickly when you find the perfect home.

Advantages of pre-approval.

  • Getting pre-approved assures sellers that you are ready to buy, giving you an edge in a competitive bid for a home because sellers know you can afford it and are ready to buy.
  • Knowing exactly what you can afford allows you to narrow your search to homes that meet your financial needs.

What you need for mortgage pre-approval

A formal loan application should be completed for review and approval. This process takes longer because it is an extensive review of finances and credit history. Your employer may be called to verify employment and wages. You will need your Social Security number to help obtain a credit report.

Documents needed

  • Pay stubs and any additional income such as alimony or bonuses.
  • Previous two years of W-2 statements.
  • Previous two years of federal tax returns.
  • Two months of bank statements and investment account statements, and cash reserves.

One of our mortgage lending specialists (called an underwriter) will carefully review your application, credit report, and supporting documentation and provide you with a pre-approval based on this information.