How To Get Preapproved for a Mortgage in US 2024
Applying for a mortgage preapproval isn’t hard. You can do it online, by phone or in person, depending on the lender. Follow these general steps:
Provide personal information:
Lenders need your name, address, phone number and Social Security number or individual taxpayer identification number (ITIN). Be prepared to show your driver’s license or other state-issued ID as well.
Authorize the lender to pull your credit report:
Lenders need your permission to do a hard credit check because it can have a small impact on your credit score.
Provide proof of income and assets:
Copies of documents such as recent paystubs, W-2s, tax returns and bank statements help demonstrate your financial stability and ability to repay the loan.
Once the lender has reviewed your information, they’ll decide whether to offer you a loan and how much you can borrow.
The more information they look at up front, the more confidence you can have that there won’t be any unpleasant surprises later. With a mortgage preapproval letter, home sellers will know you’re a serious buyer.