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You have visions of your dream home. You may have even toured a couple open houses. But before you fully jump into house hunting, consider getting preapproved for your home loan. In doing so, you can shop with confidence and increase your buying power in a competitive market.
Preapproval allows your lender to look at your finances and long-term financial goals so they can advise you on how much home you can afford. At Evergreen Home Loans™, our preapprovals can be fully underwritten so that when you’re ready to put in an offer, it’s a strong offer designed to put you at the top of the pile.
To get your home buying process off to a great start, follow these three steps.
Home loan preapproval steps
1. Check your credit score
One of the first things your mortgage lender will look for when you’re seeking preapproval is your credit score. By considering where your credit currently stands, you’ll understand the type of mortgage loan you can afford and the best interest rates that’ll help you qualify. Be sure to speak with your mortgage professional about any concerns you may have with your credit report so that errors can be remedied, if necessary.
2. Proof of income and assets
Throughout the process of home loan preapproval, be prepared to show your loan officer proof of income that will help determine the type of loan you can afford. This can include pay stubs, tax returns and W-2s along with other documents that outline additional income like commissions and bonuses. Your mortgage officer may also want to see proof of assets that you have outside of your income.
3. Secure a guarantee to put you ahead of the pack
Our exclusive Security Plus Seller Guarantee® program delivers a fully underwritten loan commitment that helps put you in the strongest position to buy. While other homebuyers may have their financing fall through, our guarantee gives sellers the confidence that you’re a strong buyer ready to close.
Getting preapproved for your home loan is a great way to help you get the home of your dreams. Contact a home loan officer today and learn more about the preapproval process here.
Frequently asked questions:
Does a preapproval letter guarantee a home loan?
A preapproval letter doesn’t guarantee a home loan. However, preapproval is a firmer assessment of how much loan you could secure compared to a prequalification, as it’s typically based on more in-depth personal information and financial documentation. It could show a seller that you’re a serious home buyer. You’ll still need to qualify in other areas of the loan approval process.
Do mortgage preapproval letters expire?
Preapproval letters do expire. The expiration date depends on different factors, including the mortgage lender, and it may be between 30 to 90 days from the issue date.
Does Evergreen Home Loans offer an online application?
Yes, you can apply for a home loan online using our online application. And as part of Evergreen Advantage™, we offer many digital tools to help provide a streamlined, simplified, and superior financing experience.
