How to Get Pre-Approved to Buy a Home

Published: January 1, 2019
Author: Zachary Reed

A Video Walk-Through | The Complete Pre-Approval Process

Why is Pre-Approval The First Step?

To be respectful of all parties associated with the real estate transaction, we want to make sure that you're ready & approved to buy any home that we may go look at. When a showing is scheduled, the seller must vacate the property. Quickly driving by the home first will eliminate some of your options and waste less time.

In today's moving market, if you're not approved to buy a home, we don't start looking at them. We get approval first so that we know exactly the amount you can spend on a home. This also helps us set up your search criteria in the Multiple Listing Services (MLS), so you know of new properties as soon as they hit the market.

How far in advance should I meet with a Lender?

Regardless of how far away you "think" you're from buying a home, you can never start working with a professional early enough. In fact, a great lender should lay down a solid plan and journey for you to follow to get home ownership. Sometimes this process can take longer depending on whats going on with your credit report, or qualification status. This is why meeting with a lender in advance will help give you a better time frame of when you can start looking at homes.

How Can I apply for Pre-Approval?

Typically, you can apply for a Pre-Approval using the lender's website. Most lenders use an easy to use online application that you can fill out on your lunch break. If for some reason you are unable to fill out an application online, give the lender a call and see if they can accept your information over the phone. Some lenders may be able to accept an Email or Fax option as well. All lenders work a bit differently, so it is important to choose someone you feel comfortable with. Utilizing a reputable company like PrimeLending can easily speed up the process. If you'd like to see if you can qualify for a pre-approval, fill our their application online here.

Documents You May Need To Get Pre-Approved

Although your personal situation may be different, here is a handy list of documents you should have ready to send in. In some cases you may need to reach out to your bank provider & employer to receive up-to-date statements:

  • Most recent 1 or two years of tax returns & W-2's
  • Income Verification: 30 days of pay stubs
  • Verify Assets: Bank Statements, Retirement statements, any other statements verifying assets

Credit Score Minimums & Credit Repair

Minimum Credit Requirements:

Important Things To Keep In Mind:

  • Every lender is different,
  • Make sure to ask what their minimum score need is
  • Get multiple quotes & options. You want to choose a lender that you feel comfortable with
  • Credit is checked when pre-approval is received. Typically, all three of your credit scores will be pulled from the three credit bureaus, and your middle score is used as primary
  • Choosing the right lender can make or break a deal. In fact, many lenders will suddenly de-qualify you days before closing. This is why choosing someone with a great reputation and closing rate is CRITICAL

Trusted Lender Contacts

With any contact you receive from this website, please be sure to let them know that Zachary Reed referred you, that way you are able to access any special promotion they may be offering my exclusive clients.

  1. Lacy Randall - PrimeLending
  2. Kimberly Downs - Union Home Mortgage
  3. Chad Taylor - Landmark National Bank

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About The Author

Zachary Reed
Zachary Reed is an Entrepreneur located in Kansas City. With vast business knowledge and experience, Zach has the unique ability to solve large scale problems that face day-to-day operations of a growing company.
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