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STEP #1:
PRE-APPROVED
Let's get
WHAT IS A PRE-QUALIFICATION?​
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Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances, as well as a credit check.
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Prequalification is also an opportunity to learn about different mortgage options and work with your lender to identify the right fit for your needs and goals.
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WHAT IS A PRE-APPROVAL?​
Preapproval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check.
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Getting preapproved is a smart step to take when you are ready to put in an offer on a home. It shows sellers that you’re a serious homebuyer and that you can secure a mortgage – which makes it more likely that you’ll complete your purchase of the home.
WHAT TO EXPECT
Employment and Income
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Where do you work? How much do you make? How long have you been at your job?
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How is your income derived, steady salary or irregular income?
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Debt
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What recurring debts do you have? This includes auto loans, alimony, student loans and credit cards.
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Savings and Assets
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How much money do you have in the bank?
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How much do you have saved in 401(k), stocks, bonds, mutual funds and other investment accounts?
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Down Payment
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What is the size of the down payment?
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Where does the down payment money come from , it all from your savings, or did some of it come as a gift from family or a grant from a nonprofit?
Loan Purpose
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Are you borrowing to buy a home or to refinance the current mortgage?
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If it's a refinance, do you want to take cash out at closing? If so, how much?
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Property Use and Type
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Do you plan to live in the house year-round, or is it investment or vacation property?
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Is it a house, duplex, condominium or co-op?
Lenders look at every detail of your finances when granting preapproval.
You might be asked about a car loan payment you made with a credit card, for example.
UNLOCK YOUR PURCHASING POWER
Getting pre-approved is the first step to purchasing a home! You are free to choose whatever lender you like, but here is a list of mortgage companies we’ve worked with in the past.
