Getting a Loan Pre-Approval

Updated: Sep 12



Now that you’ve found an amazing Realtor to work with, the next step is getting a loan pre-approval. Most Realtors will require that you have a pre-approval letter before you start house hunting. If you’re a cash buyer, you’ll just need to provide proof of funds to get started with the property search.


Your Realtor and your Mortgage Broker will be the dream team that works tirelessly behind the scenes to make your home purchase come together. It’s as important to interview lenders as it is to interview Realtors. Focus on personality fit, experience, and responsiveness to your questions and concerns. Click here for information about important questions to ask your Mortgage Broker.


CLICK HERE to view a list of my preferred Lenders. All of these lenders are professionals who I have worked with in the past and who have always done an amazing job for my clients.

When you contact a Lender about getting a pre approval, they’ll want to discuss your overall financial picture including your income, current debts, your property ownership goals, and your desired monthly mortgage payment for the new property. The lender will request that you submit a written loan application and provide documents such as W2s, bank statements, tax returns, etc. It’s important to get all the documents to the lender promptly, and to remain responsive throughout the purchase process. Be prepared for your lender to ask for updated bank statements and other financial documents once you identify a house to purchase and again prior to closing.


Once you have the pre-approval process completed, the lender will tell you the maximum loan value that you will qualify for, and this information will help me get started with searching for great homes for you. Please be sure to put me in contact with the lender you’d like to work with, so that I can touch base and ensure that everyone is on the same page.


It pays to shop around with different lenders to find the best interest rate and loan product available to you. You don’t have to fully commit to a lender until you put an offer in on a property, so in the meantime, stay open to the options and do your homework. Just be sure to keep me in the loop if you make any big changes to the type of loan you’ll be using.


Questions about getting financing and the loan pre-approval process? Contact me for guidance!

Julia Radditz, Principal Broker - Licensed in Oregon

© 2020 by Totem Properties, LLC