Welcome to Alpine Mortgage, where we make your dream home a reality. Getting pre-approved for a mortgage is your first step towards homeownership, and we're here to guide you through every part of this exciting journey.
Pre-approval is a process where we assess your financial situation to determine how much you can borrow. This is an essential step in your home-buying journey, giving you a clear budget and showing sellers that you’re a serious buyer. You can use our Pre-qualification calculator to get an idea of how much you can qualify for. To get pre-approved, follow these simple steps.
Before starting your application, you'll need to gather some documents. See our Documentation Checklist for a list of what documents you will need for pre-approval which includes:
Your credit plays a significant role in determining your loan terms. Check your credit report in advance to ensure there are no surprises. You can check your credit report by visiting annualcreditreport.com.
Once you have all your documents ready and understand your financial standing, it’s time to apply. Our online application process is streamlined and user-friendly, ensuring you can complete it with ease.
Apply Now for Mortgage Pre-Approval
After submitting your application, our team will review your information usually within 1 business day. We may contact you if additional information is needed. Once everything is in order, we’ll provide you with a pre-approval letter stating how much you can borrow.
Expert Guidance: Our team of mortgage experts is here to guide you through every step, ensuring a smooth and understandable process.
Competitive Rates: We offer competitive rates to help you get the best deal on your mortgage.
Exceptional Service: Our commitment to exceptional service means we’re always here to answer your questions and address your concerns.
It's recommended to get pre-approved for a mortgage before you start looking for a home, which is typically 3 to 6 months before you plan to purchase. This timeline allows you to know your budget and shows sellers that you are a serious buyer.
Yes, getting pre-approved is worthwhile as it strengthens your position when making an offer on a house, showing sellers that you have the financial backing to follow through on your bid. It also helps you identify and address any financial issues early in the home-buying process.
Yes, a mortgage pre-approval usually requires a hard credit inquiry which can affect your credit score. However, multiple inquiries for mortgage loans over a short period (typically up to 45 days) are generally treated as a single inquiry, minimizing the impact on your credit score.
For a conventional loan, a minimum credit score of 620 is required. For a FHA loan, a minimum credit score of 580 is required with a down payment as little as 3.5% and a 500 credit score is required with a down payment of at least 10%. VA loans don't have a minimum credit score but a 620 is preferred. For Non QM loans, the minimum credit score varies based on the specific loan program.
Getting preapproved is better than getting prequalified. Preapproval involves a more thorough verification of your financial background, thus offering a more definitive indication of what you can borrow. In contrast, prequalification is often a less formal estimate of what you might be able to borrow.
Yes, it's possible to be denied a mortgage even after being pre-approved. This can happen if there are changes to your financial situation (like a significant decrease in income, change in employment, or worsening credit score), or if the property you're interested in fails to meet the lender's requirements after further inspection.
