The Pre-Approval Checklist for a Mortgage Home Loan

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Visit our last post on pre-qualification to review the difference between being pre-qualified and pre-approved.


What Does it Mean to Have Pre-Approval for a Mortgage?

Pre-approval for a home loan means the borrower has applied with a mortgage lender and reviewed their credit score, verified necessary documentation, and has been approved for a specific loan amount.  The pre-approval typically lasts up to 90 days. 


Borrower Check-List for the Pre-Approval Process

number one  Proof of Income
Borrowers should have two years of W2 statements, thirty days of current pay stubs, and proof of any additional income such as alimony, child support, or disability payments. 

number two  Employment Verification
Lenders typically prefer borrowers who have steady employment status and can verify their gross income.  If a borrower has recently changed employment, the lender might contact their previous employer to verify employment history.

Self-employed borrowers will need to provide additional verification to prove employment and income status.

number three  Proof of Assets
Borrowers will need to provide credit union or bank statements as well as any investment account statements.  Assets show the lender that the borrowers have secured funds for closing costs, cash reserves, and down payment of anywhere between 3-20%

number four  Credit Score
Typically, the higher a borrower’s credit score, the lower the interest rate he/she will receive.  Borrowers will need to provide authorization for pulling their credit score when applying with a lender.

number 5  Personal Documentation
Borrowers will need to provide a copy of their driver’s license and social security number.

Purchasing a Home is a Big Step
Whether it’s first-time home buying, upgrading or downsizing, American Eagle Credit Union’s friendly and knowledgeable mortgage loan officers are ready to help navigate your path to homeownership.  Contact one of our knowledgeable Mortgage Loan Officers today.  Email us at or call 1-877-269-4179.

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