You have visions of your dream home. You may have even toured a couple open houses. But before you fully jump into house hunting, consider getting pre-approved for your home loan. In doing so, you can shop with confidence and increase your buying power in a competitive market.
Pre-approval allows your lender to look at your finances and long-term financial goals so they can advise you on how much home you can afford. At Evergreen Home Loans, our pre-approvals are fully underwritten so that when you’re ready to put in an offer, it’s a strong offer designed to put you at the top of the pile.
To get your homebuying process off to a great start, follow these three steps.
- Check your Credit
One of the first things your mortgage lender will look for when you’re seeking pre-approval is your credit score. By considering where your credit currently stands, you’ll understand type of mortgage loan you can afford and the best interest rates that’ll help you qualify. Be sure to speak with your mortgage professional about any concerns you may have with your credit report so that errors can be remedied, if necessary.
- Proof of Income and Assets
Throughout the process of home loan pre-approval, be prepared to show your loan officer proof of income that will help determine the type of loan you can afford. This can include pay stubs, tax returns and W-2s along with other documents that outline additional income like commissions and bonuses. Your mortgage officer may also want to see proof of assets that you have outside of your income.
- Secure a Guarantee to Put You Ahead of the Pack
At Evergreen Home Loans, our Security Plus Seller Guarantee® program delivers a fully underwritten loan commitment that helps put you in the strongest position to buy. While other homebuyers may have their financing fall through, our guarantee gives sellers the confidence that you are a strong buyer ready to close.