Pre Approval
GETTING A MORTGAGE PRE-APPROVAL IN AMERICA AND SURROUNDING AREAS
What’s the difference between a mortgage
pre-qualification and a pre-approval?
Mortgage pre-qualification is an initial estimate of how much you might qualify for, based on self-reported financial information. Pre-approval goes a step further, requiring verified documents and a credit check, resulting in a conditional loan offer. Sellers often take pre-approved buyers more seriously since it shows you’re financially ready to purchase.
Why is a mortgage pre-approval important in AMERICA?
A mortgage pre-approval is crucial in America because it shows sellers and real estate agents that you’re a serious, qualified buyer with verified finances. In a competitive housing market, having a pre-approval letter can give you an edge, helping your offer stand out and speeding up the closing process. It also gives you a clear understanding of your budget, helping you shop for homes with confidence and avoid financial surprises later.
- Sellers are more likely to accept offers from buyers who are pre-approved because it proves financial readiness.
- With verified documentation already in place, the mortgage process moves quicker once your offer is accepted.
- Pre-approval gives you a clear idea of how much you can afford, helping you focus on homes within your price range.
Mortgage Loans of America can help with your pre-approval.
Mortgage Loans of America can help you get pre-approved with confidence and ease. Our experienced loan specialists guide you through every step of the process — from gathering the right documents to securing a strong pre-approval letter. Whether you’re buying your first home or your next investment property, we’re here to make sure you’re financially prepared, competitive in the market, and ready to move forward when the perfect home comes along.
What forms do I need to complete for a pre-approval?
- Our loan application.
- An authorization agreement granting us permission to obtain your credit history from a credit reporting bureau.
What documents should I be ready to provide for a pre-approval?
Identification
- Government issued ID for each borrower – this can be a state-issued driver’s license, birth certificate, or passport.
Proof of Income
- Employees – most recent pay stubs
- Self-employed – profit and loss statement
- Passive income – most recent financial asset statements
Financial Asset
- Statements – At least two months of your most recent statements, including:
- Bank checking and savings
- Brokerage
- Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities
- Trust
Tax Returns
- Employees – W-2 forms and tax returns for the last two years.
- Self Employed – Profit and loss statements, 1099, and tax returns for the last two years.
- Passive Income – Tax returns for the last two years.
Curious what you can afford? Use our Loan Calculator.
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