Get pre-approved online or call us at
1-888-337-6888 to speak with a home buying expert. If you
want to learn more about the process first, read on for answers to the most commonly asked questions about the pre-approval
process.
- Determine your affordable price range
- Shows the seller and the sellers agent that you are a serious buyer
- Makes your offer more attractive than non pre-approved offers
A pre-approval is a formalized process where a lender reviews the buyer’s credit,
income, and assets to determine whether that buyer will qualify for a loan and the maximum loan amount and maximum purchase
price for which the buyer qualifies. It’s similar to a loan approval but faster and not as intensive.
Similar to getting a loan approval, you need to provide income documents such as
paystubs and W-2s as well as asset documents such as bank statements showing the funds for the down payment and closing
fees. In addition, we’ll take a look at your credit report to ensure the minimum credit standards are met and to calculate
the debt-to-income ratios. Once all the documents are reviewed and the numbers calculated, your home buying specialist will
determine whether or not you qualify for a loan and will issue you a pre-approval certificate that shows the maximum loan
amount and purchase price. You can provide a copy of this certificate to your real estate agent as well as the seller’s
agent.
Once our home buying specialist receives all your documents, pre-approval can take
as little as 20 minutes depending on the specific situation. Every scenario is different but if we have everything we need,
generally we can issue a pre-approval quickly.
In order to issue a pre-approval, we need to collect the same documents (except
for the purchase contract and agent contact information) that we would need for a formal loan approval. Those items can
be found on our home purchase document checklist.
Buying a home is a big decision and you should research as much as you can about
the home you’re considering purchasing. loanDepot’s exclusive e-Appraisal and Property Profile gives you detailed information
about the home values, neighborhood demographics, and sales and foreclosure trends in the area, giving you important information
you need to make the right decision for you and your family. There’s no cost or obligation for this amazing resource; it’s
just one more way loanDepot empowers our customers.
Remember, there's no cost or obligation to get pre-approved.
To get started, apply online or call us
toll free at
1-888-337-6888 to speak with a home purchase specialist
today.