Step-by-Step Pre-Approval Process

 

Step 1: Initial Consultation

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Reach out to us either by phone, email, or by filling out the contact form on our website. One of our loan officers will get back to you to schedule an initial consultation. During this meeting, we will discuss your financial goals, your plans for the property, and give you an overview of the pre-approval process.

 

Step 2: Documentation

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After our initial discussion, you will need to provide some essential documentation. Typically, this includes:

• Proof of Income (W-2 statements, pay stubs, tax returns)

• Proof of Assets (bank statements, retirement accounts)

• Credit History (your lender will do this with your consent)

• Identification (driver's license, passport, etc.)

 

Step 3: Application Submission

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Once we have all your documents, you will fill out a loan application. Our team will review the application and your financial documents to assess your creditworthiness.

 

Step 4: Credit Check

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With your permission, we will then run a credit check. This is an important step as your credit score will play a significant role in determining your loan terms, including interest rates.

 

Step 5: Loan Estimate

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Based on your credit score and financial stability, we will provide you with a loan estimate. This document outlines the potential terms of the loan, including the interest rate and monthly payments.

 

Step 6: Pre-Approval Letter

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After all these steps, you will receive a pre-approval letter stating that you are eligible for a mortgage up to a certain amount. This letter is usually valid for 60-90 days.

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Next Steps

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With your pre-approval letter in hand, you are now ready to shop for your new home! Keep in mind that the pre-approval is not a loan commitment; it is an indication of your eligibility. The final loan approval comes after you've made an offer on a home and submitted the required documentation for underwriting.

 

Frequently Asked Questions

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• How long does the pre-approval process take?

  • The process can take anywhere from a few days to a few weeks, depending on how quickly you can provide the necessary documentation.

• Does a pre-approval affect my credit score?

  • The credit check for pre-approval does result in a hard inquiry on your credit report. However, the impact on your credit score is generally minimal.​​