Why get pre-approval for a home loan

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preliminary approval of a home loan

Local Fairway Mortgage Professional Companies Share Tips for Pre-Approving Mortgages

MARSHFIELD, Wisconsin (OnFocus) – In this fast-paced housing market, it is important to get prior authorization for a home loan. Home loan pre-approval includes confirmation of bank statements, payment receipts, and credit reports to demonstrate the ability to finance the home.

“Pre-approval helps show what you can afford and makes the home buying process smoother once you find the home you want,” explained Josh Kilty, Fairway Mortgage.

How to get pre-approval for a home loan:

Obtaining pre-approval is a relatively straightforward process, essentially an app where a lender learns about finance.

“We are reviewing your financial records to determine what you can afford,” Kilti said. “This is not only beneficial to us as a lender, it is also a good way to budget for the borrower.”

Documents that a lender may request include:

  • Proof of income
  • Checking employment
  • Proof of assets
  • Credit history
  • Identification

This includes documents such as:

  • W-2 Statements
  • Payment receipts
  • Bank statements
  • License
  • Social Security number

“After we provide us with your information, we will calculate your loan and let you know if you have prior approval and for how much,” Kilti explained.

The best time to get prior authorization is when you start your home search. Pre-approval will not only help determine which homes are best to look at, but it will also show the seller that the buyer is serious and can make their offer more attractive.

“You can share your pre-email with the seller at home when you make an offer,” Kilti said. “This shows that you will have no problem funding the amount you are offering.”

Pre-approval is usually valid for 60-120 days. Talk to Fairway Mortgage for more information!

We are glad to hear from you! Contact us on [email protected]!

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