Getting Pre-Approval
The mortgage pre-approval process can be a game changer in your homebuying journey. A pre-approval gives you an idea of what your financial outlook may be, gives you more purchasing power when it comes to making an offer, and can dramatically reduce your stress.
Based on your credit report and current financial situation, a mortgage pre-approval indicates how much a lender can provide to you for a loan. This conditional commitment says you are eligible to receive financing for a certain amount and shows to the seller that you are a serious buyer! Most pre-approvals are good for up to 90 days.
Why should I get a pre-approval?
- Peace of mind knowing how much you can reasonably spend on a home
- Gives you an edge when making an offer against other buyers
- Less stress and obstacles can make for a faster closing
What do I need for a pre-approval?
Since a pre-approval requires a good look into your finances, you’ll want to have the following handy:
- Personal information and social security number
- Financial statements (e.g. tax forms, pay stubs, bank statements)
- Current financial outlook, including your monthly debts
- Rental information including references from previous landlords
Contact one of our expert Mortgage Loan Officers to get pre-approved and be ready to buy when you find the perfect home!
Do your homework before pre-approval!
Give yourself a head start by checking out our Debt-to-Income Calculator and our Mortgage Loan Calculator. These tools will help you determine your current and future financial capacity when considering a mortgage loan.
Mortgage Calculator
DTI Calculator - What Can I Afford?
* https://memberfirstmortgage.com/resources/mortgage-calculators/ (IT is currently attempting to vet this option)
Membership eligibility required. All offers subject to credit approval. Jumbo mortgages are for loan amounts exceeding $832,750 (with a maximum of $2 Million.) Jumbo mortgages over 80% loan-to-value (LTV) usually require mortgage insurance. Different programs have different credit score and LTV requirements. Condominiums, second homes, and investment properties may be ineligible for certain programs. Additional property and borrower eligibility restrictions may apply; contact us for details. Applications accepted for properties located in NC, SC, NJ, PA, VA, TN, GA, FL. Third-party charges, origination fees, points and interim interest may apply. Terms and conditions subject to change without notice.