Pre-Approval

Ready to start the process of becoming a homeowner? You’ve come to the right spot! Starting the journey to become a homeowner may seem like a stressful task, but we are determined to make this process exciting and walk you through every step of the way. Don't forget how rewarding this will be!

The Pre-Approval Process is just as important, if not more important than the actual house you are buying. To make it relatable, the pre-approval is equivalent to your plant ticket before you step on the plane to head out on a dream vacation.

The very first step of buying a home is to understand how much you qualify for. Together we will review credit, income, and assets to determine this amount and help create a better picture of how much home you can buy.

How it works:

Application
Documents needed list
Credit Report
Initial Pre-Approval Review
FREE Homebuyer Consultation
Pre-Approval Letter customized for you

Frequently Asked Questions

Please reach us at DylanT@ArborFG.com if you cannot find an answer to your question.

When should I get pre-approved?

Yesterday! But in all seriousness, It is smart to become pre-approved before you look at property.

What documents do I need and why?

These aren't the old days when “fogging a mirror” will qualify you for a zero down payment adjustable rate balloon mortgage that caused the 2008 financial crisis. Nowadays, mortgage lenders tend to avoid allowing the housing market to be the root cause of a financial crisis. They will require all income, assets & credit to be provided to determine your qualifications.

How long is pre-approval valid?

Your Pre-Approval is valid for 90 days because the credit report is valid for 90 days.

What is my interest rate?

This seems to be the most important topic of home buying, and it's valid! Rates vary daily due to various reasons. And, rates may not be as low as you want them when your dream house comes to market. With that being said, it is important to understand your budget & how much you can personally afford. This way, you know if you lock in a rate for 30 years, that rate will be the highest rate you will ever have on that dream home of yours. When rates drop, you can always refinance and lower your rate to make your home more affordable. Your interest rate will be locked at the time of your offer being accepted. In some cases, you can even lock in your interest rate at the time you are pre-approved!

What’s the difference between pre-qualification and pre-approval?

Pre-qualification: An estimate based on basic financial info. Typically application & Credit report only

Pre-approval: A formal process with credit checks and documentation (Pay stubs, W2s, tax returns, proof of funds) showing you’re a serious buyer who is ready to move forward with an offer.

Pre-Approval

Frequently Asked Questions

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