Why do I need a Pre-Approval to Buy a House?

A pre-approval letter is a document that verifies the lender’s determination that you will qualify for a specific amount of a mortgage loan to buy a home, based on the information you provide them. Getting pre-approved can help your home search in the following ways:

  • It means you already located a lender to work with and you know what to expect when it comes to getting your mortgage.
  • You’re clear on how much you can borrow — and that helps define the properties you can include in your search.

Without this step, you could go through the work of looking for a home and even putting in an offer, only to find that you don’t qualify for the necessary loan amount and you can’t actually purchase the home. If that happens, the sale would fall through and everyone involved, including your real estate agent and the home seller, would have wasted their time.

What are the requirements to qualify for a mortgage?

There are minimum standards you must meet to qualify for different mortgages types.

Acceptable dept-to-income ratio, good credit scores and credit history are some of the things you’ll need to qualify for a home loan.

The requirements depend on the type of loan you’re applying for.

Mortgage Consultation

Be prepared to submit:

  • Last 30 days of Paystubs
  • Last 2 Years of Taxes / W2s
  • Last Two Months of Bank Statements
  • Driver's License
  • Any Other Income Supporting Documentation
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