Not sure if this is a dumb question but how do you get pre-approved for a mortgage and what does it mean to be pre-approved?
oneday
Posted:
Member since
Re: Mortgage approval
To get preapproved, we went to our bank and talked with the mortgage guy there and he had us fill out paperwork. We had to give him copies of our w-2s and paystubs and I think past taxes then he sent it in and within a few weeks, we were preapproved. Being preapproved is sort of a sign to RE agents and sellers that you are very serious about purchasing and it shows what you could qualify for. I think it also means that once you go to contract, the actual mortgage approval 'should' go a little quicker as you already have the preliminary stuff in place.
