They will give you the list of what they need to get a pre-approval.
If you can get one, and only one, to provide a credit score for you, that will help also.
Once you know what they need, and you have a credit score, you can ask around for the best rate.
Only have one lender pull your credit because multiple inquiries will hurt your score - it is considered an indication that you are trying to borrow money from more than one place at once which will increase your debt before the scores can react.
Pick an experienced lender and originator.
(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
After attending the National Association of Realtors annual convention ten weeks ago, where a variety of mortgage providers, from too-big to fail brand names to innovative new start-ups had exhibit booths, one pre-approval option stands out: Chase's Homebuyer Advantage Program.
Chase issues a Conditional Approval Letter which is "typically valid for 90 days." if you are buying a for sale by owner property (FSBO), you can present their "confidence building document directly to homeowners; or f you're making an offer on a property in the local MLS, your buyer agent can present the document to the listing agent.
As an exclusive buyer agent who has tried to identify "Best of Breed" money-saving opportunities at real estate conventions over the past 17 years, I am delighted to see how well Chase presents the case for using buyer agents. For more information, see Chase's Homebuyer's Guide below.
Best of luck!
The overall home buying process starts with you hiring a real estate agent to work for you (even better if he/she is a RealtorÂ®). This person (your buyerâ€™s agent) will guide you and help you at every step of the way including how to obtain a mortgage pre-approval from a lender.
Some other people involved are a professional home-inspector, a real estate attorney, and of course a mortgage broker. But through the whole route your real estate agent will be acting as a project manager protecting your interests and making sure every piece falls in place at the right time.
By the way, in most cases the commission for your real estate agent is already factored in within the homeâ€™s purchase price. So it is better to take advantage of it as soon as you have made your mind to buy a home. In the end, it is money well spent.
Good luck buying your dream home.
The mortgage rep will ask you for certain information
such as residential, income and employment history,
social security number and birthdate, etc..
and what you are interested in for a home
They will review your credit,
and collect and review income and asset documentation.
From this- they will be able to determine eligibility for preapproval.
Please feel free to contact me for further assistance.