Best Way to Get Preapproved for Home Mortgage Loans

Tips from The Strick Group CEO Steve Strick

As spring nears, more people become eager to purchase new homes. But along with the excitement of new homeownership typically comes the anxiety of getting a mortgage. Steve Strick, CEO of The Strick Group Powered by Gershman Mortgage at 16253 Swingley Ridge Road in Chesterfield, says he and his staff can help eliminate the guesswork of getting preapproved for such loans.

“We take the time to personally educate clients on all of the options available to them,” he says.

Mortgage preapprovals essentially are promises from lenders that homebuyers are qualified to borrow up to a certain amount of money at a specific interest rate, depending on property appraisals and other variables.

Being preapproved also means lenders are confident homebuyers can make the necessary down payment and an income that can sufficiently cover monthly liabilities along with mortgage payments, Steve says.

“We can assist you with understanding mortgage-related lingo, as well as what to expect throughout the entire process,” he says.

As first steps for pre-qualifying or preapproval for home loans, he recommends gathering three major categories of details:

  1. 1. Income information, such pay stubs, tax returns and W-2s from the previous two years, as well as documents showing additional sources of income (a second job, overtime, commissions and bonuses, interest and dividend income, social security payments, Veterans Administration and retirement benefits, alimony or child support).
  2. 2. Asset information, such as bank account statements, investments or financial gifts from relatives.
  3. 3. Personal information, including driver’s licenses, passports and social security numbers for a credit check.

When ready to make a purchase offer on a home, Steve says both the real estate agent and the seller will want to see a preapproval letter.

“Such a document demonstrates your ability to make the purchase, and makes your offer much stronger.”

Preapprovals for mortgages typically last 90 to 120 days, depending on the lender, and Steve says the renewal process with The Strick Group is very simple.