Get Pre-approved for a Mortgage in Kansas City MO
One of the first steps to buying a home in Kansas City MO is to learn how to get pre-approved for a mortgage.
Mortgage pre-approval involves several key steps, which I will outline below, but first here are some of the basic requirements for getting a mortgage and making your home buying process a little less stressful.
- Income and employment history: Lenders like to see 2 years of employment in the same line of work or 2 years self-employed. Exceptions can be made, but 2 years is the general guideline.
- Credit: Credit requirements for getting pre-approved for a mortgage vary by loan program, but you will generally have to have a good credit score and be at least 2 years out of bankruptcy. You can check your credit for free once per year and the government-mandated site, Annual Credit Report.
- Down payment: Down payment requirements also vary, but there are assistance programs, and you don't have to put down the traditional 20%.
How to Get pre-approved for a Mortgage in Kansas City MO
- Step 1: Loan application. You must fill out a full loan application as a first step to pre-approval. This will involved a 15-20 minute conversation with a loan officer over the phone, or an in-person meeting. Some lenders offer an online loan application.
- Step 2: Credit Check. As part of the application process, your lender will pull your credit report. If it is acceptable for mortgage pre-approval, they will inform you of that, or will help you read the report to see what kinds of derogatory items are preventing you from being pre-approved.
- Step 3: Supporting documentation. Your lender will then want supporting documentation which will verify the information on the loan application. This includes paystubs, W2s, tax returns, and bank statements.
Now you are pre-approved for a Kansas City MO mortgage!
Now the fun begins, it's time to head out and start looking for a home! Your lender will provide written mortgage pre-approval once you find a home.
If you are seeking mortgage pre-approval in Kansas City MO, give the Darren Copeland Team a call at 816-268-4025 or visit him online at KC Loan Tips.
Get Pre-approved for a Mortgage in Kansas City, MO