- Gather your financial information. You’ll need to provide the lender with information about your income, assets, and debts. This information can be found on your pay stubs, bank statements, and tax returns.
- Choose a lender. There are many different lenders out there, so it’s important to compare rates and fees before you choose one. You can get quotes from multiple lenders online or by talking to a mortgage broker.
- Submit your application. Once you’ve chosen a lender, you’ll need to submit a mortgage application. The application will ask for information about your income, assets, and debts.
- Get pre–approved. Once the lender has reviewed your application, they will issue you a pre–approval letter. This letter will state how much you have been pre–approved for and the terms of your loan.
What should I expect during the pre–approval process?
The pre–approval process typically takes a few days to a week. During this time, the lender will verify your information and assess your creditworthiness. They may also ask you for additional documentation, such as pay stubs or bank statements.
Once the lender has completed their review, they will issue you a pre–approval letter. This letter will state how much you have been pre–approved for and the terms of your loan.
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