Mortgage Pre-Approval Process – The Experience from Start to Finish

Mortgage Pre-Approval Process – The Experience from Start to Finish

The first step toward buying a home should be to get your mortgage pre-approval letter. Just by having that letter in your hands when you go to look for that perfect house can give you and the sellers some peace of mind. So, what’s even involved with getting pre-approved for your home loan? Don’t worry, the mortgage pre-approval process is fairly straightforward and you can be in your own house in no time.

Step One: Gather Your Documentation

Before you contact anyone about your home loan, you need to make sure you have all of your paperwork ready to go. It will make the process go a lot faster. You’re going to need your personal identification, employment records, tax records, and lists of your assets and liabilities. Once you have all of that handy, you are ready to take the next step.

Step Two: Contact Lenders

After you have your documentation ready, the next step is to contact banks and lenders. Some of them may pre-approve you over the phone, but many of them will have a form for you to fill out. Be sure to contact different banks and lenders to be sure you get the best interest rate. Most of the time, your interest rate will be locked in for 60 to 120 days, giving you ample time to find a house.

If you don’t feel like calling all of the banks or lenders yourself, you can use a mortgage broker. They will take your information and contact the lenders on your behalf. This will save you time and money, because they will do the shopping around for you in order to get you the best rates. Using a broker comes at no cost to you; they get paid a commission from the lenders once a deal is made.

Step Three: Final Approval

After you find your home, you are now ready for your final approval on your home loan. The lender will most likely double-check your documentation to see if anything has changed while you were searching for a house. As long as everything has stayed the same, you should still get the rate for which you originally qualified.

During this time, the lender will also ask to see pictures of the property, the offer price on the home, an appraisal, and maybe a home inspection. This is to ensure you are spending the money on a quality home for your family, and that it is not appraised at a much lower rate than the asking price.
If you have any more questions about the pre-approval process, or to start on the path yourself, be sure to contact Steven Owens at or 403-870-2669. He will answer any and all of your questions. He will also walk you through each step of the way toward getting pre-approved for a mortgage.

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