Should I Get Pre-Approved for a Mortgage
Become a more attractive buyer with a pre-approval
Your Golden Ticket to Buying a Home: Get Pre-Approved
Applying for a mortgage can bring both excitement and stress. If you’re ready to purchase a home, consider getting pre-approved for a mortgage. Coulee Bank’s mortgage loan officers take the guesswork out of the home-buying process. They can calculate the right loan amount and monthly payment to help you present yourself as a serious buyer.
Why Pre-Approval Matters
Connecting with a mortgage loan officer to receive a pre-approval letter provides a clear blueprint of what you can afford based on income, liabilities, and overall debt-to-income ratio. The letter is non-binding, but it shows sellers and realtors that you are ready to buy.
Pre-approval also streamlines the process for everyone involved:
Buyers know their budget.
Realtors can show homes and negotiate with confidence.
Sellers gain verification of funds, which can strengthen your offer.
Many realtors won’t work with someone who hasn’t been pre-approved.
What Documents Are Needed for Pre-Approval?
After you submit a mortgage application, a loan officer will review your credit score and credit history. While a credit check is necessary, it typically doesn’t have a significant effect on your credit.
Be prepared with the following documents to keep the process fast and hassle-free:
Required:
Last 2 years of personal federal tax returns (all pages)
Last 2 years of W-2s or 1099s
Last 30 days of pay stubs
Last 2 months of asset statements (all pages), including checking, savings, investment, and 401(k) accounts
Driver’s license
If applicable:
Last 2 years of federal business tax returns
Last 2 years of K-1s
Divorce decree (all pages)
Bankruptcy paperwork (petition, schedule of debts, and discharge)
Foreclosure or short-sale paperwork
Certificate of eligibility or DD-214 if applying for a VA loan
Does the Pre-Approval Letter Expire?
Your “golden ticket” is typically valid for about 60–90 days. If your search extends beyond that or if your financial situation changes, you may need to be pre-approved again. Multiple pre-approvals and repeated credit checks could slightly affect your credit score.
To make the most of your first pre-approval, create a list of needs and wants for your future home. Stay flexible—sometimes the best properties are those that can grow with you.
Ready to start the process? Contact a Coulee Bank mortgage loan officer to get pre-approved and move one step closer to your new home.