What to Consider Before Getting a Mortgage Pre-Approval

A growing number of people in the US are looking for a home, which is making the competition at an all-time high. If you’re planning to buy a home during a global pandemic, getting a pre-approval letter from a lender first is important. Why? This will help buyers take you more seriously. Before you apply for pre-approval, here are some things to know: 

Your Credit Score

It’s a good idea to check your credit score before you make a big purchase. By doing so, you will be able to find errors and know where you stand. If you find any errors, report them to the credit bureau right away. 

Also, it’s good to know what the minimum credit score is, which is 620. However, some government-backed agencies will accept lower scores. 

Still, it’s important to keep in mind that the higher your score is, the better your interest rates and terms will be. So, if you have a low credit score, you might want to consider waiting it out to improve your credit habit before you apply for pre-approval. 

Your Buying Time Frame

Pre-approvals have an expiration date, which is within 60-90 days. Also, this will be based on your current financial situation. So, if you don’t have to buy a house in the next six months, then you don’t need to get pre-approved just yet. 

In the case that you still can’t find a house and the pre-approval has lapsed, you can always ask for another. However, your lender will take another quick look at your finances before you get a pre-approval letter. 

Your Documents

Before you get pre-approved, the lender must first look into your documents. They will inspect your credit, your income, and your employment. This will also include all your assets. 

To make the process go faster and smoother, make sure to prepare all the necessary documents, such as pay stubs, tax returns, and bank account statements for evaluation. 

Now, there are also some questions you need to ask yourself before you get a pre-approval, which are: 

  • Ask yourself if you’re ready to make a financial change: Buying a home will affect your finances significantly, which means you need to be 100% ready for it. Therefore, take some time to think about your level of readiness before you apply for a pre-approval. If you still have some debts, better pay them off first before you purchase a home. 
  • Ask yourself if you’re making the right choice: When you’re decided to get a pre-approval, you also need to ask yourself if you’re making the right choice. This is where doing your homework comes in. Even if you have shopped around for a lender and found one that you liked, ask questions. It’s also important to compare interest rates and understand your loan affordability to be confident in your buying decision. 


Buying your own home is one of the best things you can do for yourself in this lifetime. Getting a pre-approval is important, especially in today’s real estate climate. If you’re deciding on buying a home, work with a reputable mortgage company, and have the key to your dream home in no time!

Gagliano Mortgage is one of the best mortgage companies in Birmingham, AL. We are committed to providing clients with the highest quality home loans, along with the lowest mortgage rates. Apply now or consult a professional. 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>