Pre-Approved for a loan is your first step in home buying

When you’re pre-approved, sellers are more likely to accept your offer than a buyer without one.

Also, it helps by knowing what you can afford and your real estate agent can present you the right houses for you to view.

Get Your “Pre-Approved” Facts Straight

Applying for a pre-approval doesn’t require nearly as much paperwork as applying for a mortgage, but you’ll still need to be as accurate as possible if you want to make sure you’re getting the best deal—and the most offers.

Start by gathering the information you’ll need:

  • Estimated purchase cost.
  • Down payment amount.
  • Personal information.
  • Proof of income.
  • Proof of assets.

Very often, seller requires 30 days closing so getting prepared is a must because you want your loan application to go smooth.