Here are the steps you need to take to get Pre-Approved:

1.  Contact you loan officer to discuss the general outline of your finances.

2.  Your Loan Officer will go over:

a) Income

b) Employment

c) Assets

d) Reserves (money you have in the bank after the close of your Escrow)

e) Credit Report Info (FICO score, history of your credit management)

f) Debts (listed on the credit report only showing the amounts you owe).  THIS WILL ALLOW YOUR LOAN OFFICER TO CALCULATE YOUR "DEBT-TO-INCOME RATIO" WHICH WILL THEN BE INTEGRATED WITH THE UNDERWRITING GUIDELINES OF THE BANK TO WHICH YOUR LOAN IS SUBMITTED.

3.  Your Loan Officer will then discuss down payment, loan amounts, and loan programs and the best strategy to move forward successfully with approval and funding of your loan.  YOU WILL THEN COMPLETE A LOAN APPLICATION.

4.  For purchases, a pre-approval letter will be issued by your Loan Officer.  Refinances do not require a pre-approval letter.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend. A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.