how to apply for mortgage pre approval

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See these tips to prepare, and get approved for a mortgage on the new home you want.. Getting pre-approved for a mortgage loan before looking at houses is.

At a glance: Many different types of documents are required during the mortgage application, pre-approval, and underwriting process. Most of them relate to your income, assets and debts. common documents needed for a home loan pre-approval include bank statements, pay stubs, W-2s and tax returns.

You will complete a mortgage application and the lender will verify the information you provide. They’ll also perform a credit check. If you’re preapproved, you’ll receive a preapproval letter, which is an offer (but not a commitment) to lend you a specific amount, good for 90 days.

Mortgage pre-approval is a step beyond the pre-qualification process. Keep in mind that making other large purchases or applying for more credit cards during the evaluation period can lower your.

When and where to apply for your mortgage. A pre-qual simply means the lender thinks that, based on your credit score, income, and other factors, you should be able to get approved for a mortgage. It’s informal and totally non-binding. As you get closer to buying a home you’ll want to seek pre-approval.

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Subsequent inquiries can also impact your score. Since home buyers need a good credit score to qualify for a mortgage, searching for mortgage pre-approval .

Mortgage pre-approval is a more significant milestone in the process because a lender is actually checking your credit and verifying your financial information. If you’re pre-approved, a lender is making an actual commitment (subject to conditions such as a property valuation) to loan you money.

Be prepared to offer up a pile of paperwork to earn your pre-approval. In general, the paperwork you’ll need to assemble for your lender includes the following: pay stubs from the past 30 days showing your year-to-date income. Two years of federal tax returns. Two years of W2 forms from your employer.

Applying for mortgage preapproval with more than one lender allows you to compare loan costs, explore program options and test-drive lenders’ customer service before committing to the expensive.

Most real loan officers need at least a few hours after having the complete application, credit report and documentation to review your figures, especially if there is any of the following: Any lender.