Are you ready to start the home ownership process? Get pre-approved to make your buying simpler and easier for all parties involved.
We review your credit history and income. With this information, we can provide a solid idea of the loan amount you qualify for, making it easier to choose the perfect home.
What do I need to obtain a free mortgage pre-approval?
- 30 days of paystubs
- 2 years of W-2’s
- Bank statements
- 2 years of tax returns, if self-employed
During the process, one of State Financial Network’s Loan Officers will obtain your credit report, and process your application through an automated underwriting system. Together, you will decide the best loan program for you. Your pre-approval includes a purchase price and loan amount. When you choose a home your real estate agent can include your pre-approval with your offer to buy the home.
Try our Mortgage Qualifier Calculator before you go through the pre-approval process. This calculator helps provide you approximately how much you can borrow.
Reasons to Get Pre-Approved
- One of the main reasons to get a mortgage loan preapproval is to help you get a better understanding on how much you can afford to borrow, so determining your budget is key. It helps you set realistic financial expectations for your home purchase and narrow down your search to homes within that price range.
- Preapproval demonstrates to sellers that you are a serious buyer who has already taken steps to secure financing. It gives you an advantage over other buyers who may not have their financing in order, increasing the likelihood that sellers will consider your offer more favorably.
- Knowing that you are preapproved for a mortgage gives you confidence during negotiations. You can make stronger offers and have a better understanding of your financial position, allowing you to negotiate from a position of strength.
- Preapproval allows you to identify and address any credit or financial issues early on. If there are any problems that may prevent you from securing a mortgage, you will have ample time to fix them or explore alternative options.
- Simplify the home search: With a preapproval letter in hand, you can focus on homes that are within your budget, saving time and effort. It narrows down your options and helps you avoid the disappointment of falling in love with a home you ultimately cannot afford.
- Preapproval enhances your bargaining power as a buyer. Sellers are more likely to take your offer seriously, and you may have more room for negotiation in terms of price, repairs, or other contingencies.
- You will work closely with a State Financial Network professional who can provide valuable guidance and advice during the preapproval process. They can help you understand your options, choose the right mortgage product, and answer any questions or concerns you may have.