How to Get Pre Approved for a Mortgage: A Step-by-Step Guide
So, you’re ready to dive into the thrilling world of mortgage pre-approval, huh? Well, hold onto your calculators because we’re about to break down the steps you need to take to get pre approved for a mortgage—yes, it’s that delightful paperwork extravaganza everyone dreams about.
Step 1: Gather Your Paperwork (Because the Bank is Nosier Than Your Aunt at Thanksgiving)
Let’s start with the basics. Lenders will want to know everything about your finances. And by everything, we mean everything. We’re talking pay stubs, tax returns, bank statements, ID verification, and probably even a signed affidavit from your childhood babysitter saying you were responsible enough to pay for ice cream. If you’re self-employed—same documentation, but good luck—just toss in your firstborn for good measure.
It’s all about proving you’re trustworthy enough to take on debt that’ll last longer than some marriages.
Step 2: Check Your Credit Score (Or the “Are You Even Worthy?” Test)
Your credit score is the lender’s way of deciding if you’re financially sound or if they should put your name on a “no-go” list. A decent score will make this whole mortgage pre-approval process easier. But hey, if your credit score is below 620, you might want to take a deep breath and rethink life choices. Unless you’re aiming for an FHA loan with all its flexible rules—because with a 500 credit score and at least 10% down, they’ll still give you a shot. We love an underdog story!
Here’s a link for a free accurate credit score and report by Experian.
Yes, you read it right, FREE
Press here
Step 3: Figure Out Your Budget (Yes, the Boring Part)
Lenders and their underwriters will look at your income, your debts, and your job stability to determine how much house you can afford. Spoiler alert: It might not be the dream mansion you saved on Pinterest. Prepare to do some soul-searching (or sobbing) as you realize how much you actually spend on eating out, Netflix subscriptions, and your online shopping addiction. This is where the lender gently lets you know that the condo down the street is more your financial speed, not the four-bedroom in the suburbs with the granite countertops. Unless, well….
Step 4: Find a Lender (You Know, the Fun Part… Kind of)
Time to pick your poison. You’ll need to shop around for a lender that has the best mortgage rates and terms for you. Compare different mortgage lenders to find out who’s offering the best rates and fees. If you’re lucky, you might even stumble across a mortgage broker who does all the shopping for you (wink, wink). Just don’t forget, everyone’s going to get a piece of the pie—they’re not doing this out of the goodness of their hearts.
Step 5: Submit the Application and Wait for Approval (Because Patience Is a Virtue, Apparently)
After submitting all your financial documents and signing your life away, you get to sit back and wait. Will they approve you? Will they think you’re worthy of hundreds of thousands of dollars in debt? It’s a fun game that everyone loves to play! In the meantime, try not to buy anything ridiculous or quit your job—it’s all about proving stability.
Conclusion: It Doesn’t Have to Be This Complicated
If all this sounds like an overcomplicated version of “Do You Deserve a House?”, you’re not wrong. But fear not! You don’t have to navigate the maze alone. With Maor Lavi at Superior Mortgage Lending, you get the guidance of a seasoned mortgage broker who knows the system inside out and isn’t afraid to tell you what’s what. He’ll help you find the best rates, avoid the common pitfalls, and turn that pre-approval process into a slightly less painful ordeal. Because let’s be honest, everyone needs a mortgage lender who’s got their back when the paperwork starts piling up.
