Pre-approval is an essential step in the home buying process. A mortgage pre-approval lets you know how much house you can afford and gives sellers the confidence that you’re a serious buyer.
You can go through the process in person, but getting a pre-approval online is much more convenient and saves a lot of time. This guide will show you how to get a mortgage pre-approval online when buying a home in North Texas.
Step 1. Prepare Financial Documents
First, you’ll need to gather some essential financial information. This includes your W-21 form from your employer, pay stubs from the last 30 days, and bank statements for the last two months. You’ll also need to have your most recent tax return on hand.
Your lender will use this information to verify your income and employment. Lenders may also look at your credit history to determine your creditworthiness.
Step 2. Search for Mortgage Lenders’ Online Application Forms
According to Nerd Wallet (January 2022), some of the best mortgage lenders in Texas are:
- Rocket Mortgage
- Guaranteed Rate
- Reali Loans
- Bank of America
- Wells Fargo
- PrimeLending
- Alterra
- Carrington
Go to their official websites, and fill out their online mortgage application forms. Here, you’ll be required to provide detailed information about your financial situation. The lender will use this information to determine whether you’re eligible for a mortgage or not.
Step 3. Mortgage Review & Pre-Approval
After submitting your online application, a loan officer will review your information and determine your eligibility for a mortgage pre-approval.
If you’re approved, the loan officer will issue a pre-approval letter. This letter will state the maximum loan amount that you’ve been approved for.
And that’s it! Getting a mortgage pre-approval online is a quick and easy process. Just be sure to gather all of the necessary financial documentation before you begin.
Need help with getting a mortgage pre-approval online?
We would be happy to help you through the process of getting pre-approved for a mortgage online in order to buy a home. Our team can guide you on all kinds of mortgages available for homebuyers in Texas – so give us a call at 903-647-3742!
