How Do I Get Pre-Approved?

In the current lending environment, getting pre-approved for a mortgage is more important than ever. Getting a mortgage isn’t as easy as it used to be – standards are tougher and investors are requiring a lot more documentation than then used to. Our experience, knowledge and dedication to closing your loan will help you through the process.

The last thing we want to happen is for you to find your dream house, make an offer, start the mortgage process and then find out a couple days before closing that you can’t get approved for a loan. Getting pre-approved, or at the very least pre-qualified, helps avoid this situation altogether.

How Do I Start the Pre-Approval Process?

1. Fill out an online application
2. Once your application is submitted, we'll contact you to discuss all the details of your transaction and we'll will pull your credit report.
3. Begin gathering all the items on our Pre-Approval Checklist
4. Once we've explained all the details and we've collectively created a plan, we'll work together with a credit analyst who will underwrite the file and come to an approval or denial decision

What is the Difference Between Pre-Approval and Pre-Qualification?

A pre-qualification is done by a mortgage loan officer. Your mortgage loan officer will have you fill out an application, pull your credit report and analyze your debt to income and housing ratios, along with the other details of your transaction. The mortgage loan officer will determine either how much you can afford or whether or not he or she thinks you will qualify for the loan program you’re most interested in. The mortgage loan officer will then write up a pre-qualification letter for you to include in your offer to purchase your new home.

A pre-approval is essentially a dry run for your mortgage approval. It is far more in-depth than a pre-qualification. Your loan scenario will be placed in front of a credit analyst, who will underwrite the file as if it is any other loan that comes across his or her desk. The credit analyst will then give a soft approval, giving his or her opinion on whether or not the loan would be approved by an investor. A pre-approval tells a seller that you are ready, willing and able to purchase their home, and gives the seller (and you!) confidence that the transaction will close.

Free, No-Obligation Mortgage Pre-Approval

Ready to start DNJ’s loan pre-approval process? Apply today! With mortgage offices in Raleigh, Greenville, and Wilmington, DNJ is proud to serve homeowners and home buyers across North Carolina. We also offer mortgages in South Carolina, Virginia, Maryland, Georgia and Florida.