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.

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

All scenarios are hypothetical. We cannot and do not guarantee their accuracy in regards to your individual circumstances. We encourage you to seek personalized advice from our qualified professionals regarding all personal finance issues.

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