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how do you get pre approved for a mortgage

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The pre-approval process is fairly simple: Contact a mortgage lender (or multiple lenders at one time through LendingTree), submit your financial and personal information, and wait for a response. Pre-approvals include everything from how much you can afford, to the interest rate you’ll pay on the loan.

First Time Home Buyer MISTAKES | 9 Mistakes First-Time Home Buyers Make | First Time Home Buyer Tips As you search for a home getting pre-approved for a mortgage is an important step to take. This step helps to clarify our house-hunting budget or the monthly mortgage payment you can handle.

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To qualify for a mortgage, you’ll have to prove to your lender that you can afford the amount you’re asking for. Mortgage lenders or brokers will use your financial information to calculate your total monthly housing costs and total debt load to determine what you can afford.

Getting approved shows sellers and real estate agents a lender is willing to give you a mortgage. Get to Closing Faster The more information you verify early in the process, the smoother and easier your path to closing will be.

We suggest that all buyers get pre-qualified or pre-approved prior to starting their new home search. You selected an adjustable rate mortgage or ARM. Based on your income, expenses, and the loan you selected, the amount above represents the most you can comfortably afford to pay for a home*.

Getting a pre-approval letter also gives you a chance to see how large of a loan you’ll be approved for, helping to narrow down your home search to the right price range. You’ll also find out what types of loan you qualify for, whether it be a conventional, FHA, VA, or other type of mortgage.

Wondering how to get pre-approved for a mortgage? We break it down, step-by- step. If you know what you're doing, mortgage pre-approval is an easy process.

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What Does it Mean to be Pre-Approved Being pre-approved for a mortgage means that a mortgage lender has checked your credit, employment, and income and you qualify for a loan up to a certain amount. The lender at this point has enough information about the borrower to determine whether they meet their loan guidelines or not.