Get pre-approved

Does It Help to Be Pre-Qualified by a Lender?

The pre-qualification process can usually be completed fairly quickly and may require less documentation than a full pre-approval. While it can be helpful when beginning your Colorado property search, a pre-qualification generally provides an initial estimate of the amount you may be able to borrow based on information you provide to the lender. In a competitive market, an offer from a buyer with only a pre-qualification may be less compelling than an offer from a buyer who has completed a more thorough pre-approval process.

Get Pre-Approved by a Lender

There are several benefits to taking the extra step and getting pre-approved. First, you will have a better understanding of your potential purchasing power and the price range that fits your financial situation. When you find a Colorado property you want to buy, having a pre-approval can also demonstrate to the seller that you have taken steps to secure financing and are prepared to move forward. It may also help streamline the mortgage process once you have an accepted offer. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

• Job and employment status
• Monthly debt payments
• Total assets and liabilities
• Income and employment history
• Cash available for the purchase and closing costs