If you’re wondering how to get approved for a home loan, here is the approval process step-by-step.
First, you can get prequalified if you want a quick estimate of your home buying budget.
But getting prequalified won’t give you the power to make an offer on a house like a preapproval will.
Getting a preapproval is itself a three-step process:
– Pick a lender
– Complete a preapproval application
– Document your identity, income, and assets
Provided you meet basic home loan requirements; you’ll then receive your preapproval letter.