Desiree Avila, REALTOR®
Board, Certified Trusted Local Real Estate Expert

954-853-7048 |
Charles Rutenberg Realty Fort Lauderdale

6 Tips to Help You Get a Pre-Approved For a Mortgage


Getting Pre-Approved for a Mortgage

Getting pre-approved for a mortgage is the very first step in the home buying process. The pre-approval will define what you can afford and how much money you will need toward a down payment. Realtors® will ask you for your pre-approval because it helps them find you the right property.

Most people just save up money and make sure their credit is sound. Doing that is wise, according to mortgage broker Luiza Nikoghosyan, but that’s not all you can do.

Tip #1 – Go Easy on Your Credit

If you are thinking about getting pre-approved for a mortgage go easy on your credit. Avoid doing things that will require your credit is run. This will lower your credit score and potentially cause you to be subject to higher interest rates. Lender will ask more questions and there will may impose more conditions for loan approval. In some cases, if it lowers your score significantly, it may even disqualify you from some loans.

Tip #2 – Don’t Buy a Car

Buying a car will require that the dealer run your credit and a car is a huge liability. It will significantly raise your debt-to-income ratio which is the measuring stick by which banks assess your viability as a buyer. So if you are thinking about getting new wheels, delay your gratification until after you have bought your house.

The successful visit to the dealership. Happy young couple choos
Buying a house doesn’t mean you shouldn’t buy a car, it just means you should wait.

Tip #3 – Money in the Bank

Have enough money for a down payment and closing costs in the bank for at least 2 months prior to applying for a pre-approval. You will be asked to provide 2 months of bank statements and they should show that this money has been in the bank for at least that long. If you deposit large sums of cash be prepared to prove where that money came from.


Tip #4 – Don’t Switch Jobs Too Often

Switching jobs too often can make you unstable and unviable as a home buyer. If you have switched jobs recently, you may actually have to wait for a certain period in order to get pre-approved.

Tip #5 – Do Take Vacations, but Not Long Ones

Don’t take long vacations and avoid work gaps in your employment history. In order for a lender to take a chance on you that have to make sure you are a chance worth taking. If you take long vacations or show big gaps in your work history without reasonable and verifiable explanations, you may become a risk lenders are not willing to take. Periods of 6 months or longer without work history may disqualify the job as being considered stable income.

Tip #6 – File Taxes with No Extra Expenses or Write-Offs

If you are self-employed, file your taxes with no extra expenses or write-offs. In order to get a loan a lender needs to make sure you make enough money to pay that loan and that your debt-to-income ratio is below a certain percentage. If you are self-employed you need to be prepared to show the lenders the money!

Miniature house with money on tax papers

Get Pre-Approved!

Getting pre-approved requires minimal paperwork and your pre-approval can be ready in less than 24 hours. Fill out the form below and a mortgage professional will contact you shortly.

Good luck and I look forward to helping you find your new home!
Desiree Avila, Realtor®

No Fields Found.