<img height="1" width="1" src="https://www.facebook.com/tr?id=608904346394747&amp;ev=PageView &amp;noscript=1">

Lenderly blog

 Explore our blog for insights on buying, financing, remodeling, and taking care of your home.

Back to all posts

5 Reasons to Get Pre-Approved Before You Begin House Hunting

GettyImages-1061636604-2

Getting ready to buy your first home? One of the first things you can do as part of the home-buying process is to get pre-approved with Lenderly. Why? You'll know how much house you can afford and a pre-approval lets dealers and real estate agents know you have the finances lined up and ready to go.


The first step in getting pre-approved is to complete our loan application. You’ll need to submit documentation of your financial history, including income, assets, and debts. We'll ask you to provide at least the following documents:

  • W-2 statements
  • Bank statements
  • Credit report
  • Tax returns
  • Place of residence
  • Self-employment documents
    apply now

 

Benefits to getting pre-approved

 

Wondering if it's worth it to get your finances in order before you start house shopping? Here's 5 reasons why you should: 

  1. You’re a more powerful buyer
    Real estate agents and sellers will see you as a serious buyer when you have the backing of a lender. Pre-approval means a lender has looked at your financial background and determined how much home you can afford.
  2. Save yourself some time
    Getting pre-approved can also save you valuable time by identifying how much you can afford, so you can target your home search to your price level. This also allows you to focus on the features of the home rather than worrying about the price tag.
  3.  Better bargaining power
    With a pre-approval letter in hand, you will likely have more negotiating power because sellers and real estate agents know that you have already talked to a lender and you mean business.
  4.  Reduce surprises
    Talking to a Lenderly loan originator before finding your perfect home can help ensure you’re not surprised when it’s time to make an offer. Getting your ducks in a row early will leave little room for unexpected surprises - such as a low credit score or a less than desirable debt-to-income ratio - when you find the home you've been looking for.
  5.  Enjoy shorter closing periods
    A pre-approval can help to speed up the closing process, since much of your financial information is already collected and in the lender’s system.

 

Once you submit your financial information, we’ll review it and let you know if you qualify for a loan. At that point, we’ll provide you with a pre-approval letter outlining the maximum amount you’re qualified to borrow. 

 

Ready to get started? Click the button below. 

let's get started

This is not a commitment to lend. Not all borrowers will qualify; contact us for more information on fees and terms.

Related Posts

5 Reasons to Get Pre-Approved Before You Begin House Hunting

Getting ready to buy your first home? One of the first things you can do as part of the home-buying process is to get pre-approved with Lenderly. Why? You'll know how much house you can afford and a pre-approval lets dealers and real estate agents know you have the finances lined up and ready to go.

  • 4 min read
  • Jul 23, 2020 8:50:01 AM

Five Reasons You Should Stop Renting and Buy Your Own Home

Is it time for you to get out of the rent race and buy a home of your own?   There are plenty of advantages to homeownership. And while buying isn’t right for every person or for every life stage or circumstance, there are several perks of homeownership that tend to stay stable over time. These include building long-term equity, the comfort and pride that can be associated with owning your own home and, in many cases, a monthly mortgage payment that's less than your monthly rent check.

  • 5 min read
  • May 11, 2020 8:36:32 AM

Why are VA Loans so Popular?

While no one has ever said buying a home is a simple process, wouldn’t it be nice to reach out and press the “easy” button when it comes time to qualify for your mortgage. If you’re an active member of the military -  or a veteran - qualifying for a VA home loan might be the next best thing.

  • 5 min read
  • Apr 20, 2020 10:04:00 AM
icon_footer_phone-01

Call us

800.466.5626

icon_footer_laptop-01

Get started

Apply online today