The Dottie & Kate Team
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Pre-Approval

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When a person decides that it is time to purchase a home, they may attempt to get pre-approval before shopping for the house of their dreams. Obtaining a pre-approval is beneficial for some homebuyers in several ways.

A pre-approval allows homebuyers to discuss loan options, be alerted to any issues with credit, and provides an idea of what type of home they can afford comfortably. While a pre-approval is not required for the purchase of a mortgage, many people decide to follow this process to estimate what kind of funding they can obtain. To obtain a pre-approval letter, a homebuyer must have several items.

  • Proof of Income: A lender will want to see payment statements from the past two years at a minimum. They will also want to see proof of any additional monthly income such as alimony.
  • Proof of Assets: Bank statements will need to be provided to show a lender that there are funds for the down payment and closing costs.
  • Good Credit: While it is possible to obtain a mortgage with less than perfect credit, a good credit score is required. Those with credit scores in the 600s may find that they can obtain a mortgage loan but will pay more in interest.
  • Verification of Employment: The lender a person is working with will want to verify their employment. This may be done with pay stubs and a phone call to the employer.
  • Documentation: A homebuyer looking to secure pre-approval will need to provide identifying information, such as a driver's license and Social Security number.

Pre-approval can be a wise decision for anyone considering buying a new home. An experienced real estate agent can provide more information about the process.

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Dottie Toney                                                                                                                                                                                                                       Kate Swarthout
Keller Williams Realty                                                                                                                                                                                       Keller Williams Realty

Cell:
770-715-0512                                                                                                                                                                                                        Cell: 770-715-0612
Email: dottietoney@kw.com                                                                                                                                                                      Email: kateanne@kw.com
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  • Home
  • Find a home
  • Featured Properties
    • 225 Late Rise Rd
    • 120 Friddell Rd
    • 1600 A Hwy 81
    • 1809 Stark Rd
    • 13759 Woolsey Rd
    • 225 Tussahaw Ln
    • 469 Parker Rd
    • 267 McDonough Rd
    • 1600 B Hwy 81
    • 115 June Court
    • 332 Roberts Point Road
    • 7625 Wright Circle
    • 695 Moreland Road
    • 2551 Hidden Hills Drive
    • 110 Walnut Ridge Way
    • 108 Greenland Drive
    • 29 Highland Circle
    • 521 Blue Cedar Court
    • 779 Crumbley Road
    • 2933 Old Snapping Shoals
    • 171 W Nuthatch Drive
    • 1809 Stark Rd
    • 118 Bell Road
  • Home Staging
  • RESOURCES
    • Blog
    • Selling Tips
    • Locations
    • FAQ
    • Real Estate Glossary
  • Contact