{"id":91,"date":"2020-08-31T16:54:47","date_gmt":"2020-08-31T16:54:47","guid":{"rendered":"https:\/\/www.concordmortgageinc.com\/blog\/?p=91"},"modified":"2022-05-31T18:47:04","modified_gmt":"2022-05-31T18:47:04","slug":"how-to-get-pre-approved-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.concordmortgageinc.com\/blog\/how-to-get-pre-approved-for-a-mortgage\/","title":{"rendered":"How to Get Pre-Approved for a Mortgage"},"content":{"rendered":"\n<p>Before you start shopping for a house, you will need to know how much you can spend on your new home; you\u2019ll need to be pre-approved for a mortgage. Your&nbsp;<a href=\"https:\/\/www.concordmortgageinc.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">mortgage consultant<\/a>&nbsp;will order your credit report and you\u2019ll submit financial documents (paycheck stubs, W2s, bank statements, etc.) so your&nbsp;price range and optimal mortgage program can be determined.&nbsp;<br><br>Here are a few steps you can take to get pre-approved:<\/p>\n\n\n\n<ul><li>Get your&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/l\/free-credit-score\" target=\"_blank\" rel=\"noreferrer noopener\">free credit score<\/a>&nbsp;<ul><li>It&#8217;s best to know where you stand in terms of credit.&nbsp;Any credit scores higher than 620 will qualify you for better rates. Most borrowers with scores of 740 or higher will qualify for the best mortgage rates.&nbsp;<br>&nbsp;<\/li><\/ul><\/li><li>Check your credit history<ul><li>Request copies of your credit reports and&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/article\/finance\/dispute-credit-report\" target=\"_blank\" rel=\"noreferrer noopener\">file a dispute<\/a>&nbsp;if you encounter any errors. If there are any delinquent accounts on your report, remediate them with creditors before applying.<br>&nbsp;<\/li><\/ul><\/li><li>Calculate your debt-to-income ratio&nbsp;<ul><li>The percentage of gross monthly income that goes toward debt payments is called your Debt-to-Income Ratio (DTI.) This includes credit cards, student loans, car loans, etc. This&nbsp;<a href=\"https:\/\/www.nerdwallet.com\/blog\/mortgages\/debt-to-income-ratio-calculator\/\">debt-to-income ratio calculator&nbsp;<\/a>can help you estimate your DTI based on current debts and a prospective mortgage. Typically, lenders prefer borrowers with a DTI below 36 percent &#8211; including the mortgage &#8211;&nbsp;though in some cases, it can be higher.<br>&nbsp;<\/li><\/ul><\/li><li>Gather personal information including finances and income<ul><li>Current address, employment details, Social Security numbers, etc. are all considered personal information. Additionally, you will need proof of income and bank\/investment account information. During pre-approval, you\u2019ll likely have to submit your W-2 tax form or 1099s if you have additional income sources and pay stubs. Two years of continuous employment is preferred;&nbsp;however,&nbsp;there are exceptions. Self-employed applicants will likely have to provide two years of income tax returns. If you are opting to use gifted money&nbsp;or the sale of an asset toward the down payment, you\u2019ll need a paper trail to prove it.<\/li><\/ul><\/li><\/ul>\n\n\n\n<p>Ready to get pre-approved?<\/p>\n\n\n\n<p><strong><a href=\"tel:517-304-3669\">Give Dan a call at 517-304-3669<\/a><\/strong> to learn more about getting pre-approved for your mortgage, click the\u00a0&#8220;First Time Home Buyer Guide&#8221; tab on our website:\u00a0\u00a0<a href=\"https:\/\/www.concordmortgageinc.com\">www.concordmortgageinc.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you start shopping for a house, you will need to know how much you can spend on your new home; you\u2019ll need to be pre-approved for a mortgage. Your&nbsp;mortgage consultant&nbsp;will order your credit report and you\u2019ll submit financial documents (paycheck stubs, W2s, bank statements, etc.) so your&nbsp;price range and<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.10 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Get Pre-Approved for a Mortgage - Concord Mortgage Blog<\/title>\n<meta name=\"description\" content=\"How to Get Pre-Approved for a Mortgage Before you start shopping for a house, you will need to know how much you can spend on your new home; you\u2019ll need to be pre-approved for a mortgage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.concordmortgageinc.com\/blog\/how-to-get-pre-approved-for-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get Pre-Approved for a Mortgage - Concord Mortgage Blog\" \/>\n<meta property=\"og:description\" content=\"How to Get Pre-Approved for a Mortgage Before you start shopping for a house, you will need to know how much you can spend on your new home; 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