How to Get Pre-Approved
Getting pre-approved is one of the first steps in the home buying process. Below are key questions a lender will ask to determine your eligibility and buying power.
Property
- Where are you looking to purchase?
- What is your timeframe to purchase?
- Will it be your primary residence, second home, or investment property?
- What type of property are you looking to purchase (single-family home, condo, mobile home)?
- Do you currently rent or will you be selling a home?
Credit
- If your credit hasn’t been pulled yet, what is your estimated credit score?
- Have you had any late payments?
- Have you filed for bankruptcy or foreclosure in the past?
Income
- What do you do for work?
- How are you paid (salary, hourly, commission, bonus, self-employed)?
- How long have you been with your current employer?
- If less than 2 years, what did you do previously?
- Has your income been consistent over the past 2 years?
- Is your job near where you want to purchase, or can you verify remote employment?
Assets
- How much do you have saved for a down payment and closing costs?
- How long have these funds been in your account?
- If funds are not yet available, where will they come from?
- If receiving a gift, who will provide it?
These questions help lenders evaluate your financial profile and determine how much you may qualify for.
Ready to get pre-approved? Contact us to start the process and get a clear understanding of your home buying power.