05/13/2023
Every real estate agent says it, right? "Get pre-approved before you start house hunting." Well, in this market, it is especially important to plan and prepare in advance so that we can give you the best shot at submitting a winning offer! So the first step to purchasing a home is to get a pre-approval letter from a trusted lender. Here's what you're going to need to get a pre-approval letter:
➡️ Proof of income - you'll need to provide this so your lender can gauge how much house you can afford.
➡️ Proof of employment - is required to ensure that you have a consistent income to pay your mortgage.
➡️ Minimum Credit Score - some loans have specific credit score requirements usually starting at 620, check with your lender for specifics.
➡️ Proof of funds - your lender will ask to see proof of down payment funds by way of your bank statements.
➡️ Proof of assets is only applicable if you own existing land or property.
It's worthwhile to go through the pre-approval process with several lenders to shop interest rates and find the best deal. Be sure to do this within 45 days, so all credit checks count as one hard inquiry and won't hurt your credit score. If you're just beginning to think about buying, drop a DM anytime, and we can discuss the process!
