Before you fall in love with a home, get pre-approved. It tells sellers you’re serious, defines your budget, and surfaces any issues while there’s still time to fix them.
A pre-approval is a lender’s written estimate of what you can borrow, based on verified income, assets, and credit — far stronger than a quick online pre-qualification.
What you’ll need
Expect to share recent pay stubs, two years of tax returns — or bank statements if you’re self-employed — asset statements, and consent for a credit check. Gathering these ahead of time can cut approval to a day or two.
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How much can you borrow?
Lenders look at your debt-to-income ratio, usually keeping total monthly obligations under about 45% of gross income. Alternative programs can use bank statements or assets when tax returns understate your earnings.
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Make your offer stronger
A fully underwritten pre-approval lets you shop with near-cash certainty. In competitive markets, that certainty is often what wins the house.
Before you fall in love with a home, get pre-approved. It tells sellers you’re serious, defines your budget, and surfaces any issues while there’s still time to fix them.
A pre-approval is a lender’s written estimate of what you can borrow, based on verified income, assets, and credit — far stronger than a quick online pre-qualification.
What you’ll need
Expect to share recent pay stubs, two years of tax returns — or bank statements if you’re self-employed — asset statements, and consent for a credit check. Gathering these ahead of time can cut approval to a day or two.
| |
How much can you borrow?
Lenders look at your debt-to-income ratio, usually keeping total monthly obligations under about 45% of gross income. Alternative programs can use bank statements or assets when tax returns understate your earnings.
| |
| |
Make your offer stronger
A fully underwritten pre-approval lets you shop with near-cash certainty. In competitive markets, that certainty is often what wins the house.
