Mortgage Pre-Approval

Pre-Approval

Start Your Prequalification

Complete the quick form below to get a clear picture of your buying power before you start house hunting.

What Is Mortgage Pre-Approval?

A mortgage pre-approval is a lender's written commitment to lend you a specific amount based on a thorough review of your financial information. Unlike pre-qualification, which is an informal estimate, pre-approval involves a credit check and document verification.

Required Documents for Pre-Approval

• Recent Pay Stubs (last 30 days): Proof of consistent income from your employer.
• W-2s or Tax Returns (last 2 years): Self-employed buyers should provide full tax returns.
• Bank Statements (last 2-3 months): All pages showing savings and checking accounts.
• Photo ID: A valid government-issued driver's license or passport.
• Additional Income Documentation: Bonus letters, commission statements, or rental income records.

The Pre-Approval Process in Pennsylvania

1. Gather your financial documents from the list above.
2. Check your credit report for errors and resolve any issues.
3. Connect with a trusted lender through John Smart.
4. Submit your application with the lender of your choice.
5. Receive your pre-approval letter typically within 24-48 hours.

Benefits of Getting Pre-Approved

• Know Your Budget: Shop with confidence within your price range.
• Stronger Offers: Sellers take pre-approved buyers more seriously.
• Faster Closing: Much of the paperwork is already completed.
• Negotiating Power: Sellers are more willing to negotiate with financed buyers.