FAQ What Do I Need To Bring With Me To The Bank For Pre-Approval?

Real Estate Agent with MOOERS REALTY ME Broker License 106759

Do you need to roll up your sleeve and give a pint of blood, or donate a duplicate organ to get a bank pre-approval letter?

Does it take a long time to get pre-approved to buy a home? They make it look easy like even a caveman could skip through the steps with a breeze. What to hunt down, photo-copy or scan to bring for paperwork to get a pre-approval letter from a bank to buy a home. That is one FAQ real estate question we field a lot in our list, twist, sell (repeat) routine. maine home, fort knoz photo

Like most things in life, everyone has an opinion on every subject under the sun.

There are many out there thinking why go to the bank until you found something worth the trip.

Through the lobby double glass doors, hang a right down the hall for the sit down, close the door. And start the process of getting ready to buy a home.

To fill out the yes, no, maybe and insert lots of numbers on what you owe, what you own.

FACT: Sorry. Not everyone can buy a home today.

Just wanting, aching for something does not mean you are going to get it this moment in your life. I agree with the where there is a will, there is a way. And nothing is more basic for a need than food, water, shelter, love. But the shelter part, to own your own home. It's not snap your fingers, drive through quick like a bunny right now. To get the house keys to your new home with out delay when a bank lender has something to say about what and if you buy a place. 

Timing is everything and it is not like whip out the plastic cards in rapid succession until you find one that works to make a simple transaction. Buying a home is a little more complicated, higher priced than most retail therapy items. And it starts with sizing up your financial health today. pies cooling in maine photo

How hot or cool, how healthy is the home buyer to make it to a real estate closing is the unknown.

Until someone looks deeper, asking questions and verifying information the home buying applicant believes to be accurate, up to the minute accurate.

The turn your head and cough can reveal lots in what's ticking behind the scenes when you monitor your credit score, income to debt ratios and all the other considerations. That go into the thumbs up or down for this particular purchaser buying a home, this condition, this property type and at this price point today.

And some pre-approval letters to buy a home, with financing from bank mortgage lenders are not worth much.

Pretty letter head with a fancy colored logo and all official looking. It's not counterfeit. But nothing examined yet behind all those small print contingencies. After all those asterisks when you squint and look closer at what do we have here for pre-qualifying conditions that go with the green "yes you are" but later red"no, you are not pre-approved" after all. real estate delivery truck photo

Because in the race to finance everyone that breathes online, the mortgage lender can say yes to everyone to get them into their brand  marketing tent.

And then make them hurry up and put on hold in the waiting room.

As the more fine points of the "are you financially able today to buy a home" question answer unfolds.

To buy a home and be ready, willing and able to purchase is a six to eight week process until all the pre-qualified items are thoroughly addressed one by one. Lots of desks for the paperwork to pass over, pairs of eyeballs to scan and check marks to collect. In the necessary steps taken to buy a home.

It's not like a tow truck easy to hook on, speed away remove what you stop paying for from a yard late at night like the reality show. Yanking back what you drove off the car lot is easier to repossess. Than  property that is tied to the Earth, that is real not personal property.

Read full article on "Getting a pre-approval letter to buy a home, what to bring to the bank".

I'm Maine REALTOR Andrew Mooers, ME Broker


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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Great information...thank you for sharing and enjoy your Thursday!

May 11, 2017 07:34 AM #1
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Andrew

Getting a pre-approval, and a loan entails quite a process, and I find that buyers are pretty surprised at the amount of information and documentation that is required these days. And so man issues to understand and questions to ask before you are truly ready to buy a home!


May 11, 2017 07:47 AM #2
Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

Kristin Johnston - REALTOR® ... FAQ we field a lot. How to get pre-approved. And providing local bank contacts speeds up the process going in.

May 11, 2017 10:57 AM #3
Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

The local bank who knows the property can also help guide the buyer, backing up what the REALTOR is saying about this Mr Fix It won't fly through that picky secondary mortgage market program too Jeff Dowler !

May 11, 2017 10:58 AM #4
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective home buyers.

May 12, 2017 03:26 AM #5
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks, Andrew.  Though, I would recommend putting a shirt on when going to the bank and asking for a loan.

May 12, 2017 04:53 AM #6
Andrew Mooers | 207.532.6573
Northern Maine Real Estate-Aroostook County Broker

Roy Kelley and Gabe Sanders know, get the approval to buy a home up front, early on. The buyers that are not cash are going to end up at a bank so better sooner than later to get the mortgage lender involved.

May 13, 2017 03:50 AM #7
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Andrew Mooers | 207.532.6573

Northern Maine Real Estate-Aroostook County Broker
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