Home Buyer Tips

To get preapproved for a mortgage, you typically follow these steps:

Check Your Credit Score: Before applying for preapproval, it’s important to know your credit score. Lenders will consider your creditworthiness when determining your preapproval amount and interest rate.

Gather Financial Documents: Prepare documents such as pay stubs, tax returns, bank statements, and any other financial documents that lenders may require.
Research Lenders: Research different lenders, including banks, credit unions, and mortgage brokers, to find the best preapproval options and interest rates.

Apply for Preapproval: Contact your chosen lender and complete a mortgage preapproval application. This typically involves providing personal and financial information.
Wait for Approval: The lender will review your application, credit history, and financial documents to determine the maximum mortgage amount you qualify for and the interest rate you’ll be offered.

Receive Preapproval Letter: If approved, you’ll receive a preapproval letter stating the maximum mortgage amount you’re eligible for. This letter is typically valid for a certain period, such as 60 to 90 days.

Keep in mind that preapproval does not guarantee final mortgage approval, as additional documentation and property assessment are required during the homebuying process. It’s also important to shop around and compare preapproval offers from multiple lenders to find the best terms for your situation.