What Is Involved With Pre-Approval:
First, meet with a trusted lender or mortgage broker. STL Real Estate encourages you to choose a local agent who can guide you through the process and avoid using internet based or out of state franchises which can slow down and confuse the process.
Your lender will ask you some pretty basic information like your birthday, social security number and questions about your employment. Most use one page or online applications and they are pretty basic and straight forward. The lender will then verify your information and let you know if you are approved and what your loan amount maximum will be. This process typically takes 1-2 business days.
Now that you have a pre-approval letter, you are ready to see some houses! Give a copy of your pre-approval to your real estate agent so that you are ready to make an offer the moment you find your dream home!