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How to Get Pre-approved and Buy Your Dream Home

Getting pre- approved isn’t hard, but knowing what to expect will make the process much faster and smoother. In our last blog post, we told you about how important it is to get pre-approved if you want sellers to take your offer seriously. If you missed it, you can read it here.

 

Now we’ll show you how to get pre-approved and get started finding your dream home.

HOW TO GET PRE-APPROVED FOR A MOTGAGE

 

The first step is to find a lender to work with. There can be a big difference from one lender to another. There can even be a big difference from one loan officer to another. Over the years, we have worked with a lot of lenders and loan officers. We definitely prefer some over others because the good one’s make it so much easier for our clients. Visit the financing page of our website to learn more about the lender we recommend.

 

Once you’ve found the right lender, they’ll ask you to provide some basic information about your financial history. They will also need to run a credit report. If you meet the lender’s requirements for issuing a loan, they will issue you a pre-approval letter. This letter will tell you how much money they are willing to lend.

 

DOCUMENTATION YOU'LL NEED

 

To get the pre-approval letter, lenders typically want the following information to confirm your credit worthiness:

 

1. Proof of Income

 

  • W-2s from the past two years
  • Your most recent pay stubs
  • Proof of additional income (alimony, child support, bonuses, etc)
  • Tax Returns from the past two years

 

2. Proof of Assets Bank statements Investment account statements

 

  • Bank statements
  • Investment account statements

 

3. Good Credit

 

  • You can often get approved without great credit, but it will affect your interest rate and the amount you can borrow. Lenders typically want to see a credit score of 720-740 or above to give you there best rates.
  • FHA loans require a score of 620 or above to be approved.

 

Download our                                                 to help you gather everything you'll need.

 

The information above gives you a good idea of what lenders typically need, however, each lender has their own requirements. Make sure to ask them what they will need.

 

What Other Tips and Tools Do We Offer?

 

Get up-to-date information and tools to make smart decisions when you decide to buy or sell.

 

Our updated website lets you:

 

         (Comparative Market Analysis)

 

"Remember, who you work with makes all the difference"

801-891-5489

realdealcritchfield@gmail.com

The Critchfield Group

121 E. Election Rd,

Draper, UT, 84020

 

The multiple listing information is provided by Wasatch Front Regional Multiple Listing Service, Inc. from a copyrighted compilation of listings. The compilation of listings and each individual listing are © 2016 Wasatch Front Regional Multiple Listing Service, Inc., All Rights Reserved. The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Conspicuous display of the following: Information deemed reliable but not guaranteed accurate. Buyer to verify all information.