Who:
Anyone utilizing a mortgage to execute a home purchase will likely obtain a mortgage pre-approval from their lender as proof that they are qualified for the purchase. It takes two parties to complete a mortgage pre-approval – a lender and a loan officer. A lender will provide the mortgage, but both a lender and loan officer help with the process of obtaining a mortgage pre-approval.
What:
By definition, a mortgage pre-approval is confirmation from a mortgage lender verifying that you qualify to borrow a specific amount of money for a home purchase. Here are the documents required to begin the process:
• W-2 statements/proof of income (many lenders will request two years of verifiable income)
• Employment verification
• Pay stubs
• Driver’s license or state ID
• Social security number
Once all required proof of documents is provided, the lender will then conduct an analysis to determine how much money you qualify to borrow; This is also known as ‘underwriting the deal’.
When:
A pre-approval letter will expire between 60-90 days after the date it was provided, meaning prospective buyers have that amount of time to make an offer on a home. A buyer simply needs to re-engage with their lender to have the letter updated upon expiration. In some cases, a lender will reassess the buyer's finances to ensure the buyer is in the same financial position compared to the initial application date.
Why:
A pre-approval shows people how much money the financial institution is willing to lend the buyer. Oftentimes, this creates a faster closing process. It’s worth it!
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