How do I get pre-approved for a mortgage?

Shopping for real estate can be fun and even a little addicting. Once you’ve progressed past the “just looking” stage, and are ready to tour properties and potentially write an offer, you’ll want to get pre-approved for a mortgage. Should you find the perfect home and want to write an offer quickly, having already consulted with a lender will give you a great advantage over other buyers. Many sellers will, in fact, require you to present a pre-approval letter along with your offer.

Here are the steps you’ll need to follow to get pre-approved for a mortgage:

1. Contact a mortgage professional to discuss which rates and options are available to you. If you don’t already have a preferred mortgage broker, we have a team of great mortgage brokers we work with that we would be happy to recommend to you.

2. Provide your mortgage broker with proof of income and proof of employment. Typically they will ask for W2 statements from the past two years, recent pay stubs, and proof of any additional income that you may have.

3. Obtain your current credit score. If you do not have a current report your broker will run a report for you. The higher your credit score, the better rates and terms you will receive.

4. Define a realistic budget. Once you know what you qualify for, you’ll need to determine how much your monthly loan payments will be and what you are comfortable with.