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Your Pre-Approval Playbook
In our last post, we went through the first steps of getting pre-approved for your dream home at The Trails at Manteca. Now that you have the basics down, we want to help dive in while making sure you have every insider tool, checklist, and expert tip in your back pocket to make the process completely seamless. So in this month’s article we will uncover a few more tips to help you master the pre-approval process with our preferred lenders.
Getting Started Is Easier Than You Think!
- Ask Our Sales Team: Simply reach out to our sales team to get our Preferred Lender's direct contact information so you can kick off your online loan application.
- Create a Secure Account: When you begin the online app, you’ll create a secure account to protect your personal information. Don't worry if you need to leave a field blank or make a "guesstimate" on a question—just fill in what you know, and your lender will help you gather the rest later!
- Prefer a Personal Touch? Having a hard time with the online app? Don't be afraid to call or email the lender directly. They can take loan applications right over the phone or set up an appointment to meet you in person. Plus, our lender holds open office hours right at our Sales Office, making it super easy to put a face with a name, start your application, or pick their brains about anything and everything home-loan related!
The Ultimate Document Checklist
Having the right items on hand when you apply online or visit our onsite lender will help speed up your review process dramatically. Here is what you'll want to gather:
- Verification of Income:
- Your most recent pay stubs and W-2s for the last two years from all employers.
- Self-employed? Bring Federal tax returns for the last two years (including personal and business returns if the business is a partnership or corporation).
- Additional income: Award or benefit letters if you earn income from social security, retirement/pension, or veteran benefits.
- Verification of Assets:
- Most recent statements for any asset accounts you plan to use for your home purchase.
- Estimated sale proceeds if you are selling another property, or the gift amount if you are receiving gift funds.
- Credit and Debt Obligations:
- A credit report will be obtained to review your current debt obligations.
- If you own real estate that won't be sold before buying your new home, have your mortgage statement, insurance declarations, and HOA invoice ready.
- Let your lender know if you pay alimony and/or child support. (No established credit history? Don't worry—reach out to discuss alternative credit solutions!)
How Long Does It Take?
In most situations, the pre-approval process is fairly quick—especially when all necessary documentation is provided upfront! Once your lender receives your application and pulls your credit, you can often have your pre-approval letter in just a day or two. If additional third-party verifications are needed, it may take a little longer, so getting your full application in early is always a winning strategy.
What About Credit Inquiries?
Curious about how credit checks work? Here is the scoop:
- Soft Inquiries: When you or a marketing company check your report, it’s a "soft" inquiry and does not affect your score.
- Hard Inquiries: When you officially apply for credit, it’s a "hard" inquiry. One inquiry for a mortgage pre-approval typically has little to no impact, but FICO cautions against multiple hard applications in a short span of time, as it can signal high risk to lenders.
- Pro Tip: Once you are pre-approved, your letter is typically good for up to 120 days from your credit report check date!
Why Pre-Approval Is a Must at Raymus Homes
Pre-approval is required to ensure only buyers who are qualified to purchase are reserved on home sites as they become available. While we keep all potential buyers on an interest list for updates, we go to our Priority List of pre-approved buyers first when new home sites drop. It protects you from falling in love with a home that doesn't fit your comfort zone, and it protects our building process—protecting everyone involved!
The Perk of Using Our Preferred Lender (Up to $10,000 in Credits!)
While you are never required to use our preferred lender to purchase a Raymus home, we strongly encourage it! Our long-standing relationship has proven time and time again to deliver incredible customer satisfaction and on-time closings. Because an on-time close of escrow is everything, and our preferred lender executes at such a high level, we proudly offer our homebuyers an incentive of up to $10,000 in closing cost credits when using them! You can even use this credit to buy down your interest rate or buy out/reduce your mortgage insurance. Now that is a win-win!
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