What is a Mortgage Pre-Approval?

 So, you’re interested in buying a home and you’re not going to pay cash upfront to purchase one. Now what? It’s best to go through a mortgage pre-approval process to find out how much house you can purchase so that we can house hunt within your price range!

What is Mortgage Pre-Approval?

Essentially, a mortgage pre-approval is a process where a loan officer will look at your income, finances, credit history, debt, and assets to determine how much of a loan you qualify for. If you have everything ready for the loan officer, you can usually get your results within the same day. Once you get the results in writing, you can take that statement and hand it to one of us (an agent with Garpstas Realty Team) and we can now start house hunting!

Please note: a pre-approval does NOT mean that you will automatically qualify for a loan. A pre-approval also only lasts from 60-90 days (they do expire!)

If it’s Not a Guarantee that I’ll get a Loan, then Why Would I go through the Pre-Approval Process?

There are some advantages to a mortgage pre-approval. They include:

Home Search with Confidence: When you are pre-approved, you can look at homes within your budget – this will give you a better idea of which neighborhoods to look in and how much home you truly can afford.  Don’t look at homes you can’t afford! Nobody likes being heart- broken.

Accelerated Mortgage Application: You’ll be on the fast track to closing since your information is already with the lender.

Credibility as a Home Buyer: A pre-approval tells the sellers that you’re serious about buying, are interested in their home, and that your finances are in check.

What do I need to get Pre-Approved?

Use this checklist to gather all of your needed information so you can start touring homes!


Driver’s license or U.S. passport.

Social Security card or number.

If you aren’t a U.S. citizen, a copy of the front and back of your green card(s).

Credit history. Your lender will want to check your credit score.

Employment verification. Your lender wants to know you have stable employment! They’ll likely call your current employer and ask about your employment and yearly salary.


Recent pay stubs covering the last 30 days.

W-2 forms from the last two years.

Proof of any additional income.

Last two years of personal federal income tax returns with all pages and schedules.

Last two years of business federal income tax returns with all pages and schedules.


Bank statements that prove you have enough to cover the down payment and closing costs.

If someone is helping you with the down payment, you will need a gift letter stating that the fund is a gift and not an IOU.

Last quarterly statements for asset accounts, including your 401(k), IRA, stock accounts, and mutual funds.


If you have any questions regarding the pre-approval process, please don’t hesitate to contact us!

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