How to Get Pre-Approved for a Mortgage

 

Getting pre-approved for a mortgage is an essential first step in the home-buying process. At Commonwealth Credit Union, we make the pre-approval process easy and efficient. Here’s how to get started.

1. Check Your Credit Score

Your credit score plays a major role in the pre-approval process. Check your score before applying to ensure it’s in good standing. If necessary, take steps to improve it before moving forward.

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2.  Gather Your Financial Documents

Lenders require financial documents to assess your eligibility. Have your account statements and proof of assets ready to streamline the process.

3.  Evaluate Your Budget

Understand how much you can afford by reviewing your monthly income, expenses, and debts. This will help determine your mortgage budget and guide your pre-approval application.

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4.  Submit Your Application

Once you’ve prepared your documents, apply for pre-approval with Commonwealth Credit Union, either online or in person. We’ll review your financial details to determine how much you qualify to borrow.

Apply for Pre-approval

5.  Review Your Pre-Approval Letter

After reviewing your application, we’ll send you a pre-approval letter that shows the loan amount you qualify for. This letter helps you make offers confidently when you start house hunting.

6.  Explore Loan Options

We’ll guide you through different mortgage options to find the best fit for your needs. Whether you prefer a fixed-rate or adjustable-rate mortgage, we’re here to help.

7. Stay in Touch

Once pre-approved, stay in contact with your lender to update any changes in your financial situation and ensure a smooth process when finalizing your loan.

Getting pre-approved for a mortgage is a vital step toward homeownership. With Commonwealth Credit Union, the process is simple and straightforward. Start your journey today and let us help you secure the home of your dreams!