No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
You’ve been saving your money for a down payment, working on your credit, and paying down your outstanding debt. Finally your finances are in order, your life is on track, and you’re ready to stop paying rent and buy a home. The first step is getting pre-approved for a mortgage.
If you have all of your documentation in order, a mortgage pre-approval shouldn’t take long. Your loan officer will just need to verify all of your information, and then your loan amount can be pre-approved and you’ll receive your pre-approval letter.
Ideally, this process only takes a couple of days. Here are some things you can do to ensure the pre-approval process doesn’t bog down.
You want your pre-approval to be rigorous and well authenticated. If things might get missed in the verification process, that can cause problems later in the home buying process. Don’t settle for a prequalification over a pre-approval. You supply some of the same documentation but with a prequalification, none of it is verified. When it comes down to choosing between a buyer with a prequal letter and one with a pre-approval letter, sellers will almost always prefer to deal with someone who is pre-approved.
You’ll need quite a bit of documentation to prove you are capable of taking on a mortgage. Be prepared to show you have funds for a downpayment, and steady employment and income so you can make your payments on time. Your loan officer may be able to accept these documents electronically through an online portal, so ask if this option is available to save time and speed the process.
The earlier you apply for a mortgage pre-approval. The sooner a loan officer can start working on your file. At the end of the week and end of the month, existing files are deep into the process and this can delay action on a new file as existing applicants are pushing for a decision so they can go house hunting.
Your loan officer should be in constant contact with you to update information, get answers to questions, and request additional documents if necessary. By staying alert for messages from your contact, you can respond quickly with the answers and documents they need to keep your pre-approval moving forward.
We’re on your side, and want you to have a smooth, uninterrupted home buying process! That’s why your loan officer will ask you for lots of information. Don’t be worried; we’re just doing our job so once you are pre-approved, you can house hunt with confidence. Get pre-approved today!
Sammamish Mortgage has been in business since 1992, and has assisted many home buyers in the Pacific Northwest. If you are looking for mortgage financing, we can help. Sammamish Mortgage offers mortgage programs in Colorado, Idaho, Oregon, Washington, and California.
Contact us if you have any mortgage-related questions or concerns. If you are ready to move forward, you can view rates, obtain a customized instant rate quote, or apply instantly directly from our website.
{hours_open} - {hours_closed} Pacific
No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.
Adjust the parameters based on what you want to track