Once you have decided to start looking for a home, you need to be prepared. You should have an accurate idea of what a loan would cost, how much you can borrow, what rate you qualify for and more. Your mortgage lender can give you this information.

Pre-qualification versus Pre-approval

Pre-qualification from a mortgage lender is an estimate based on information you supply which is then used to calculate an approximation of how much you are qualified to borrow. But pre-qualification is just an estimate. Pre-approval is when a lender verifies your information and with that verification can approve loan amount. This process includes running a credit check and verifying income.

The benefit of pre-approval over pre-qualification is that a seller knows you are serious and can afford to make a purchase based on your pre-approval.

In today’s housing market, buyer’s need every edge to enter into a contract for a home. By having a pre-approval in-hand when viewing a property, a buyer has a distinct advantage over prospective buyers who have not yet went through the steps to ensure loan pre-approval. Sellers often prefer to entertain offers from buyers who have pre-approval.

Polygon Financial Can Pre-Approve You in a Matter of Hours

Fill out the form below to start the pre-approval process. We will get back in touch to ask you questions and tell you what information and documents will be needed to for your pre-approval. Once we have the documents and information, we will start the pre-approval process. The sooner you give us what we need, the sooner we can give you a pre-approval. In most cases this takes hours.

Documents Needed For Pre-approval

1. Proof of Income: Past two years W2 forms, two months of most recent pay stubs, proof of additional income (alimony, child support, bonuses), past two years tax returns.
2. Proof of Assets: Two months of most recent bank statements and retirement accounts.
3. Credit Score: We will need your permission to run your credit score.
4. Employment Verification: You may need to provide additional documentation in addition to paystubs. 
5. Identification: Copy of driver’s license and Social Security Number.