A useful preapproval is more than a number. It should help you understand the payment, cash needed, loan process, and the decisions that can affect your buying power.
A practical place to begin
Know what to notice. Know what to ask.
Use these points to organize your thoughts and build better questions for the professionals helping with your purchase.
Choosing a lender
Ask enough questions to understand both the loan and the service behind it.
What loan programs may fit my situation?
What is the estimated interest rate?
What is the APR?
What lender fees should I expect?
How much cash will I need to close?
How long does underwriting typically take?
Can you reliably close within competitive contract timelines?
Who will communicate with me during the loan process?
Are you available evenings or weekends when an offer is being prepared?
Do you fully underwrite preapprovals when possible?
What could cause my payment to change?
How are property taxes, insurance, HOA dues, and mortgage insurance factored into my payment?
Documents a lender may request
Exact documentation varies by borrower and loan program.
Government-issued identification
Social Security information when required
Recent pay stubs
W-2s
1099s where applicable
Federal tax returns when required
Recent bank statements
Savings account statements
Investment and retirement account statements
Documentation of down payment funds
Documentation of gift funds if applicable
Current debt information
Employment history
Employer contact information
Documentation for bonuses or commission income where applicable
Self-employment records if applicable
Profit-and-loss statement if requested
Divorce decree or support documentation if applicable
Rental income documentation if applicable
Existing mortgage statements if applicable
Documentation explaining unusual deposits when requested
Protect your preapproval
No new debt
No large purchases
No new credit cards
No vehicle financing
No unexplained deposits
No major account changes
No job changes without speaking to the lender
Your questions are welcome
Let's turn the checklist into your plan.
You do not need to have every answer before reaching out. Bring what you know, what you are still figuring out, and the questions that keep coming up.
