Should I get pre-approved for a mortgage loan?

If you’ve been looking for a mortgage, you probably heard about the importance of getting pre-approved for a loan. But what is mortgage pre-approval? Mortgage pre-approval is simply the process of completing a mortgage application before house hunting in order to know how much money you’re qualified to borrow. When you submit your mortgage application, the lender performs a credit check and evaluates your financial history in order to give you a pre-approval letter which will be emailed to them as a PDF for their records. This pre-approval letter includes the loan amount that you qualified for, and a mortgage pre-approval from DuPage Credit Unions is good for 60 days.   Bright living room with resting dogs

Why should I get pre-approved for a mortgage before looking for a home?

  • You’ll know how much home you can afford and be ready to make an offer when you find your dream home.
  • You’ll walk away with an official pre-approval letter to show the sellers how serious you are – giving you the advantage when negotiating.
  • Sellers and real estate agents love working with us! When they see a pre-approval from DuPage Credit Union, they know it’s going to be a smooth process.
  • It’s free!

What information do I need for my pre-approval application?

The Basics

  • Legal name
  • Birth date
  • Social Security Number
  • Address (from the past two years)
  • Employer name and addresses, employment dates and job titles (past two years)
  • Monthly income
  • Assets and amount of each
The Forms

  • Two current pay stubs
  • W2 forms and/or tax returns (from past two years)
  • Two monthly bank statements (all pages–even if blank)
  • Current mortgage statement (if applicable)
  • Current home owners insurance policy (if applicable)
  • Proof of retirement statements (if applicable)
  • Description of any bad credit (if applicable)

Other documents may be requested, if needed. Upon verification of the above information, a pre-approval letter will be issued as proof of financing. Ready to get pre-approved for a low rate mortgage loan? Get started

Learn more about home loans

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