Why be pre-approved?

A prequalification or preapproval letter is a document from a lender stating that the lender is tentatively willing to lend to you, up to a certain loan amount. While a pre-approval is not a loan commitment, it is extremely helpful in speeding up the approval process, once an offer is accepted and a closing date is determined.

Today’s seller will not accept an offer from a potential buyer without a preapproval letter. In the past, many buyers opted for the easier-to-obtain prequalification letter. In today’s market, however, bidding wars are commonplace and a full preapproval letter is a must. The letter must state the lender has not only verified your credit, but your income and assets as well.

Serious homebuyers need to start the process in a lender's office, not at an open house. Sellers expect buyers to be pre-approved, so take the proper steps to set yourself up for success.

Pre-Approvals are Free! There is no application fee, or fee of any kind, to get preapproved.

Fortis Mortgage Advisors provides same-day review and pre-approval.

Step by Step process:

• Step One: Submit an online loan application

• Step Two: provide income documents

  • 2 years tax returns

  • 2 paystubs

  • 2 years w-2’s

• Step Three: Provide Asset Information

  • 2 months bank and investment statements

  • 1 quarter retirement or 401k Statements

• Step Three: Provide credit check authorization/Credit Pull

  • Confirm outstanding liabilities

  • Disclose any new or pending credit requests in the last 60 days

• Step Four: Review income, assets, credit report liabilities and proposed downpayment, property taxes and homeowners insurance costs to maximize buying power.

• Step Five: Pre-Approval letter is generated and now you can feel confident in shopping for your new property!

Pre-Approval review

• Debt to income review and calculation with proposed housing payment (PITI)

• Down Payment and closing cost review against current assets

• Credit review to ensure all liabilities are calculated correctly

• Strategize with your lender to optimize you mortgage financing with your budget and offer to the seller