How Do I Get Pre-approved For A Mortgage?

    House Hunters Colorado, Denver homes for sale
    Pre-approval is one of the first steps when looking for a new home.

    Pre-approval is an important first step in the home buying process. It tells you how much house you can afford and lets sellers and Realtors know you are serious about buying a home. In the Denver real estate market, it is required to have before a seller will even consider your offer.

    What is a pre-approval?

    • A pre-approval letter, that you receive from a lender or mortgage provider, states that you qualify for a home up to a certain amount.
    • To a seller or real estate agent, this means that your financials have been reviewed and you qualify for a mortgage.

    Why should I get pre-approved?

    • Know how much house you can really afford.
    • Gives you the ability act quickly and place an offer on a home.
    • Some agents require buyers to be pre-approved first before looking at homes.
    • Shows a Realtor or seller that you are serious about a home purchase.

    How do I get pre-approved?

    • Find a reputable lender.
    • Complete an official mortgage application.
    • Credit check performed
    • Supply documentation
      • Identification
      • Bank statements
      • Income verification
        • W2 or tax return
        • Last two years and most recent 30 days of pay stubs
      • Proof of retirement accounts, stocks or mutual funds

    I’m pre-approved. Now what?

    • Receive a Good Faith Estimate, which is a short document explaining the potential terms of the loan, including the type of loan, closing costs and the interest rate.
    • Pre-approval can last up to 120 days while searching for a home. Check with your lender for details.
    • It does not mean that you are guaranteed a home mortgage. Don’t make any major changes after your pre-approval or take out any loans!
    • Start searching for Denver homes for sale with House Hunters Colorado. We specialize in your local market. Let us help you find your dream home.

    I didn’t get pre-approved. What do I do now?

    It’s disappointing to be denied pre-approval for a home mortgage. Don’t give up. Here are some things to do to help your chances in the future.

    • Clean up your credit
    • Keep saving
    • Don’t change jobs
    • Pay down debt

    If you have any questions on the home buying process in Denver, Boulder, Golden, Lakewood, Wheat Ridge, or surrounding areas, please contact Cary Pazol of Primary Residential Mortgage. He is more than happy to answer your questions with no obligation to you.

    Cary Pazol

    Primary Residential Mortgage


    Phone: 303.327.1580

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