It’s difficult to shop for and make an offer on a home without knowing exactly how much you can afford. There’s nothing worse than falling in love with your dream home only to find out later that it’s too far out of your budget.
One way to avoid this is to get a preapproved home loan before you start shopping for homes. This way, you know exactly what you can afford and can tailor your search to homes within your budget.
Here, we’ll answer questions like “How do you get approved for a home loan,” “How long does a pre-approval last for a house,” and more to help you get pre-approved for a home loan online.
What is a Pre-Approved Home Loan?
The preapproval process helps you determine how much money you’re able to borrow to purchase your home. Your mortgage lender will look at things like your credit report, your debt-to-income ratio, and other factors to determine what loans you might qualify for, how much they are for, and what your interest rate will be.
How Do You Get Pre-Approved for a Home Loan?
Getting pre-approved for a house is a good first step when it comes to buying your home. To get pre-approved for a home loan online, here are some steps to get started:
Collect Your Documentation
Even though your pre-approved home loan isn’t the same as your actual mortgage, your mortgage lender will still want to take a comprehensive look at your finances.
This means collecting documents like your identification documents, proof of income and employment verification, your credit history, and proof of any assets or debts. Make sure you have copies of recent pay stubs, W2s, bank statements, and your driver’s license and Social Security number on hand.
How Long Does a Pre-Approval Last for a Home?
How long your pre-approved home loan lasts will depend on your mortgage lender, but generally, a pre-approval lasts for 90 days. Some lenders also use 30 or 60-day terms, so make sure you read all the fine print to get your time frame.
To ensure you’re on the right track, it’s important to apply for your pre-approved home loan when you’re actively searching for a new home. Keep in mind the window of time that a pre-approval lasts for.
However, if you haven’t found your home in the time frame you have, you can also request a renewal and provide updated financial information to your mortgage lender.
Start Getting Pre-Approved for a House Today!
Getting pre-approved for a house can take some of the stress out of buying a home, but it’s still a lot of work. We can help you with every step of the process to make sure you have the best chance of getting pre-approved—and the best chance of actually buying your dream home.
Our easy-to-use process can help you get prequalified for a home loan with just six simple questions. Get started today to see what your options are and to start your home-buying journey.