Getting Pre-approved

Why Get Pre-approved for a Mortgage?

Getting pre-approved allows you to find out how much a mortgage lender is willing to lend you and at what interest rate. With a pre-approval, you can do the following:

Lock in an interest rate in case interest rates rise before you purchase a home.
Estimate your mortgage payment.
Know the amount you qualify for a mortgage.

Before you start shopping for a mortgage or home, you should verify your credit report is in order.

A pre-approval is the maximum amount one would receive from a lender.

A pre-approval does not necessarily guarantee that you will get the mortgage loan. Once you’ve found a home the lender will want to verify that the home or property meets certain standards before approving the loan.

What to Bring to A Pre-Approval Meeting

Identification
Proof of employment
- Proof of current salary
- Position and length of time with the organization
Proof of down payment
- Recent financial statements (bank accounts, investments)
Current debt or financial obligations
- Credit card balances and limits
- Child support or alimony amounts
- Car loans or leases
- Lines of credit
- Other loans