Obtaining a mortgage pre-approval is a critical part of the home-buying process that should begin before you begin your housing search.
Mortgage pre-approval sets an upper limit on the amount you’re allowed to borrow. If you don’t know what your upper limit is, you could end up wasting time by shopping in the wrong price range and looking at homes that are too expensive. In other words, a mortgage pre-approval ensures that your focus is kept on property that you can afford.
Pre-approval also streamlines the home-buying process by making it faster and increasing the likelihood your offer to buy will be accepted.
Getting pre-approved helps demonstrate to sellers that you’re serious and committed to buying a home and not just looking.
A mortgage pre-approval involves a thorough review of the following to determine your creditworthiness:
Every pre-approval at Police Mortgage is free of charge and can be done electronically or in person. Most can be completed in the same day.
When you’re ready to take the plunge, be sure to have the following available for your loan officer so that we can best serve you:
- 2 paystubs
- 2 most recent bank statements
- 2 most recent W-2s
- Copy of your photo ID
This information will be used to determine the best loan program and the maximum loan amount you can qualify for.
We will walk you through the entire process which involves going over interest rates, loan options, fees, and turnaround times.
To get started on your complimentary pre-approval, please contact us.
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