Your Step-By-Step Roadmap To Mortgage Pre-Approval

GETTING STARTED ON YOUR HOME BUYING JOURNEY

Getting a home loan may feel like an epic journey at times, but with the right guidance it can be easily conquered. Before you begin, reach out to a Emerald Home Loans Loan Officer to discuss your financial situation so we can work on a plan to get you into the home of your dreams.

SUCCCED WITH PRE-APPROVAL

After speaking with a Emerald Home Loans Loan Officer, we’ll be able to assess your financials and determine the size of the loan you qualify for. By getting pre-approved, you’ll be able to:

Narrow down your market because you’ll know how much you can afford
Signal to sellers that you’re serious about home buying.
Make strong offers.
Help you beat out the competition and negotiate with power
Close smoothly with a fast loan process

MORTGAGE LOAN DOCS NEEDED

To get you pre-approved you will be asked to present documentation that substantiates the information you provide on your application, which may include:

Pay stubs – last 30 days
W2s – last 2 years
Tax Returns (in some cases)
Employment History
Bank statements
Realtor and attorney contact info
Copy of photo ID

SAVING YOU TIME

Our online pre-approval application, streamlines the process, eliminates paperwork (saving you time and more trees) and adds greater transparency in a surprisingly simple format, whether you’re a first-time homebuyer, leveling up, refinancing or extracting equity.

Our intuitive interface will guide you through the pre-approval process from beginning to end. The best part...you can apply anywhere on any device at any time with confidence in about 15 minutes or less!

PRE-APPROVAL APPLICATION: WHAT TO EXPECT

You’ll first start by creating your personal account and enter basic info such as:

Type of Loan (purchase/refi)
Marital Status
Co-Borrower Information
Employment History
Income
Real Estate Owned
Assets and Liabilities
Gifts and Grants
Declarations

Our application allows you to import your financial data from your bank(s) to verify your income and assets, eliminating the need to supply copies of paper statements.

Having this information upfront allows us to quickly and accurately evaluate your scenario and issue a pre-approval in about half the time in most cases.

THE HUNT FOR YOUR DREAM HOME

Now that you have a pre-approval, work with your Real Estate agent to find the ideal home that best suits your budget. Your realtor will guide you through the negotiation process. Once a price is reached that both parties can agree on, a purchasing agreement will be signed.

YOUR LOAN DASHBOARD

Once you’ve completed the application, you’ll be directed to you’re loan dashboard where you can upload any important docs that may be needed. You will also have access to send your loan officer a message.

Transparently – You’ll always receive clear communication from us every step of the way.

Mortgage Question & Answers:

What is a soft inquiry?

A snapshot of your credit score when it’s pulled. It’s also known as a soft credit check which happens when you or someone you authorize checks your credit report. Soft pulls have no impact on your credit score and do not generate an inquiry on your credit report.

What is a hard pull?

A hard pull has an impact on your score and can lower it by up to 3 points. It does create an inquiry on your credit report, but your score is protected for 90 days. This is only required for an official loan application. A hard pull isn’t needed for our pre-approval application.

Why Should I Get Pre-Approved?

You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you'll have an advantage over buyers who may not have a pre-approval letter.

How Long Is A Pre-Approval Valid?

A pre-approval is typically good for the "shelf life" of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it's usually safe to say that your approval is good for up to 3-4 months. During this time, it pays to file all important financial documents so they're readily available for future updates.

What If I Change My Mind About Mortgage Pre-Approval?

There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. Pre-Approval simply helps to assure you know exactly what's involved, that you are comfortable in a particular price range and that you are truly ready to make your move.

Things you should do now:

Save for your down payment
Track your monthly budget
Obtain an up-to-date credit score
Reduce your current debts
Prepare loan documentation

When you do begin the process of applying for a mortgage, be sure to reply to any requests from your lender quickly. The most common reason for approval delays is missing or incomplete information. The best way to ensure your application is processed quickly is to be prepared and respond to all requests from your loan officer.