How do I get preapproved?

Asked by jacobsnm, Bozeman, MT Sun Mar 4, 2012

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Tamara Williams’ answer
Tamara Willi…, Agent, Bozeman, MT
Tue Jul 10, 2012
The pre-approval is a simple and painless process for the most part. I always refer my clients to local lenders as it's much easier to show up on their door step if something goes awry during your real estate transaction. You will need paystubs, 2 years worth of tax returns, p&l if you are self employed, assets and debts etc. I strongly suggest talking with more than one lender to see what your options are. Not all financial institutions have the same lending rules. Feel free to call me if you need assistance locating a reputable local lender.

Tamara Williams
Sales Associate
1 vote
Karen and Ed…, Agent, Bozeman, MT
Mon Mar 5, 2012
Hi Jacobsnm,

I would have to agree with Mark Meissner's statement below. Very well said, especially the local lender comment. Some buyers may consider using a internet lender or a non-local lender and feel they are really saving with lending costs. As an agent working for buyers, I can attest to the fact that quite often a non-local lender is not really familiar with our area and often find themselves scrambling at the last minute to hold a home purchase together. It can be for reasons that don't even make sense. For example we were working with a client last year and the non-local lender keep insisting that the subject property was on an Indian reservation. We had to inform them 3 times and to 3 different departments that it wasn't so. Long story short, the buyer had to use another lender.

If you should find yourself working with a non-local lender, my advice would be to keep in touch every step of the way to be sure the process works as smooth as possible for a successful transaction.

Hope this information is helpful.

Ed Thomes
Prudential Montana Real Estate
1925 N 22nd Ave. Bozeman MT
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Mark Meissner, Agent, Bozeman, MT
Sun Mar 4, 2012
Hi Jacobsnm,

The pre-approval process is fairly simple. I usually recommend to my clients to begin with a local lender they may already have a relationship with. For example, whomever you may have a checking account, savings account, or vehicle loan through. This can make the process a little bit more comfortable for you as the buyer, and for your lender. If you would prefer to talk to someone else there are many good local lenders in Bozeman. They will require some of your basic financial information such as recent pay stubs, previous two years' tax returns, personal balance sheet, etc. Shop around too; some will offer better terms and rates than others. Also, it is important to note that just because you get pre-approved with one lender, doesn't mean you ultimately have to follow through and actually secure a loan with them. The pre-approval process helps you to look for homes that fit within your budget. It also gives your offer strength when you get to that point, as it offers the seller some comfort that you are making a purchase within your means. Hope that helps! Enjoy your weekend and let me know if I can assist you further.


Mark Meissner
Sales Associate
ERA Landmark
(406) 570-9576
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Jeffrey Bent, Agent, bozeman, MT
Sun Mar 4, 2012
Pre-aproval is a simple process that usually requires you to make an appointment with a mortgage lender or your local bank. You will probably need to bring a copy of your most recent paystub and copies of your tax returns for the last 2 years. If you are not working with a lender yet I would recommend calling Mike Styren at Mann mortgage 406-587-8600. He is a very informative and easy to talk to. He is also one of a few lenders here in town that can get you into a mortgage credit certificate that might save you a couple hundred dollars a month on taxes. After you have your preapoval then you can make a very solid offer on a new home when you find one you like. Fell free to give me a call or an email if you have any other concerns or questions. Jeff Bent realty executives
406-579-4977 foreclosure and shortsale expert.
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