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Pre-approval 101: What you need to know.

Posted by Laurie McCarty on Wednesday, June 19th, 2019 at 2:39pm.

 

Back in November, I shared a post on social media regarding real estate terminology. That post received a great amount of response from people and agents that felt the information shared was helpful.

To follow up on that post, I thought I'd discuss pre-approval. This is a big step in the home buying process so it's important to understand what pre-approval entails.

What is the pre-approval process? 

Pre-approval begins with meeting a loan officer. The loan officer will review your finances – your income, debt, assets, and credit history. This review will determine how much money you can borrow, how much you could pay per month, and what your interest rate will be. Once you have completed the pre-approval process with your lender, you will have a pre-approval letter that can be shared with the sellers. This letter provides peace of mind to the sellers and provides proof you can afford to purchase their home.


What you need to bring for pre-approval:
You will need 2 pay stubs, 2 months bank statements and 2 Years taxes

Knowing what you can afford is critical to a successful home buying process. Meet with a lender to discuss your finances, and complete a mortgage application. If you need a recommendation call/text The McCarty Group at (661) 665-SOLD (7653). We partner with many amazing lenders in town and we'd be more than happy to provide a recommendation!⠀

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