6 Steps to Obtaining a Pre-Approval

Being proactive in the home buying process can be the difference between your offer on a home being accepted or declined. By contacting a loan officer prior to looking for a home, you’ve not only educated yourself on what you can afford, but you’ve positioned yourself to make a stronger offer on a house. We’ve mentioned before the various types of approvals. And we’ve discussed how becoming a Certified Homebuyer through The Family Mortgage Team of Atlanta puts you ahead of the game. So today we’re going to walk you through 6 steps to becoming Pre-Approved.

Step 1 - Contact a Professional Mortgage Banker

Discuss your personal situation with a Loan Officer and together complete an initial Loan Application – by phone, online or in-person.

Step 2 - Provide Credit Documentation

Gather Income and Asset Documents, such as: Paystubs, W-2’s, Tax Returns and Bank Statements.

Step 3 - Credit Report Obtained

Your Loan Officer will obtain your credit report and scores from the 3 main credit bureaus: Equifax, Experian, Transunion.

Step 4 - Evaluation

All the documentation is reviewed along with your credit report for qualifying purposes. Often, the information is input into an automated system, which leverages artificial intelligence, to obtain a loan determination.

Step 5 - Pre-Approval Letter

After completing the evaluation of income, assets and credit, a Pre-Approval letter is issued. Beware of Pre-Approvals issued only by a Loan Officer. Only a Loan Underwriter can truly make a loan determination. Ask Family Mortgage about our Certified Homebuyer Letter of Guarantee!

Step 6 - Go Shopping For Your New Home

Take your Pre-Approval Letter to a Professional Realtor and go House Shopping. Have Fun and Best of Luck!

Now it’s time to take your Pre-Approval to the next step! Contact us today by clicking the button below or simply call us @ 678-483-3300 to find out how you can become one of our Certified Homebuyers!