The Pre-Approval is the initial step in the process of buying or refinancing a property. We’re going to have a talk about your income, credit, available cash. The result of this meeting will be the Pre-Approval Letter with the maximum loan amount that the bank would lend you.
Do you need a Pre-Approval Letter?
The documents you need are:
- Driver License.
- Social Security Card.
- Last 2 years of Taxes (Forms 1040, 1120, W2s, 1099).
- Payment butts for the last 30 days (30 days paystubs).
- Last 2 months bank statements.
What is the next step after pre-approval?
After getting the Pre-Approval Letter, the next step is to search for the dreamed property you want to buy. Or in case of a Refinance loan, the next step is to start the mortgage loan application.
Can you get denied after pre-approval?
Yes, the loan can be denied after pre-approval if a buyer no longer meets the requirements of the loan. For example, if his credit report change, or the employment activities are stopped for some reason, etc.
Does pre-approval hurt credit score?
No, it does not. Mortgage inquiries doing shopping around for pre-approval offers do not affect your credit score unless you follow through and apply for the credit. The Pre-Approval letter is valid for 120 days before close.
How long does the pre-approval process typically take?
It can be at the same day, typically if loan officer has all documents requested, can be done in less than one hour.
How can I increase my pre-approval?
To increase your Pre-Approval loan amount, first you need is to increase your monthly income to the application, one faster solution is to add a co-signer.
As a Mortgage Loan Officer in Florida, I can advise you throughout the buying process. If you are thinking of buying a property in Florida, you can call me or write me on WhatsApp or clic here to contact me and I will be ready to provide you with a totally free Financial Advice.