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What You Need to Get Pre-Approved For a Homebuying Loan

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Curbed University delivers insider tips and non-boring advice on how to buy, sell, or rent a house or apartment. Additional questions welcomed to la@curbed.com.

2. GETTING IN THE GAME

The Pre-Approval Process
If you're ready to start the hunt in earnest, your next step is to get pre-approved for a loan. Most sellers, including all REO and short sale sellers, will not review an offer without a loan pre-approval, and many real estate brokerages require pre-approval in order to work with you.

There are two ways to go--quick, or in-depth. You can get a quick pre-approval from your regular bank or credit union if you're not sure which lender or mortgage plan you'll be using. If you do know your specific lender and mortgage, go with the in-depth. With either process, you'll need to fill out a loan application and submit it along with the documents and information listed below.


Don't Go Changin'
Let's assume your application passes muster, and you've been pre-approved--congratulations! Don’t go too crazy celebrating though: If you make major changes to your credit, debt, or assets after pre-approval, but before you secure a loan, you could jeopardize your chances of getting any mortgage at all. Lenders commonly re-check your credit within five days of your home purchase closing, and any significant changes to your score may put the kibosh on your loan.
· Curbed University [Curbed LA]