Home Buying Coarse
➜ Don’t skip the video above. That’s the lesson. The text below is a quick recap you can reference later.
Lesson 2
Pre-Approval with a Lender
Pre-approval is the financial foundation of the entire home buying process.
Overview
Pre-approval tells us how much you can borrow, what your estimated monthly payment will be, and which loan programs you qualify for.
Without a pre-approval letter, sellers will not take your offer seriously — especially in competitive markets.
Behind the Scenes
- The lender pulls your credit and verifies income, employment, and assets.
- You’re matched with a loan program (Conventional, FHA, VA, USDA, etc.).
- Once under contract, your file goes to underwriting for detailed review.
- The underwriter issues the “clear to close” once all guidelines are satisfied.
- If anything is missing or inconsistent, underwriting issues conditions that must be resolved before closing.
Key Points
- You’ll provide documents like pay stubs, W-2s/1099s, bank statements, and ID.
- Your pre-approval amount is based on your debt-to-income ratio (DTI) — not just income.
- I’ll help you interpret your pre-approval and use it to filter homes that qualify for your loan type.
Tip
Always get pre-approved before looking at homes — this saves time and prevents disappointment if a home doesn’t qualify for your financing.
Important Note: Loan programs, underwriting standards, timelines, and requirements can vary by lender, loan type, and state. This lesson provides general guidance only. Your specific approval terms are determined by your lender and the terms of your contract.
It’s Simple. It’s Nicole.
Text or call 256-452-7135 for real guidance — no pressure, just straight answers.
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