[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f2i0dvertp6tdl":3,"$ffeh0925h8cuz":38,"$fbwk2pqjjqsc7":42},{"item":4,"previous":26,"next":32},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":24,"updatedAt":25},74722,"one-homebuying-step-you-dont-want-to-skip-pre-approval","One Homebuying Step You Don’t Want To Skip: Pre-Approval","\u003Cp>There’s one essential step in the homebuying process you may not know a whole lot about and that’s pre-approval.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250113\u002F20250116-One-Homebuying-Step-You-Don-t-Want-To-Skip-Pre-Approval-original.png","\u003Cp>There’s one essential step in the \u003Ca href=\"\u002F2024\u002F12\u002F18\u002Fthe-biggest-perks-of-buying-a-home-this-winter\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">homebuying\u003C\u002Fa> process you may not know a whole lot about and that’s pre-approval. Here’s a rundown of what it is and why it’s so important right now.\u003C\u002Fp>\u003Ch4>\u003Cstrong>What Is Pre-Approval?\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Pre-approval is like getting a green light from a lender. It lets you know how much they’re willing to let you borrow for a home. To determine that number, a lender looks at your financial history. According to \u003Cem>Realtor.com\u003C\u002Fem>, these are some of the \u003Ca href=\"https:\u002F\u002Fwww.instagram.com\u002Fp\u002FDDujCNKP_tA\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">documents\u003C\u002Fa> a lender may ask you for during this process:\u003C\u002Fp>\u003Cul>\u003Cli>W-2s from the last two years\u003C\u002Fli>\u003Cli>Tax returns from the last two years\u003C\u002Fli>\u003Cli>Pay stubs from the last 30 days\u003C\u002Fli>\u003Cli>Bank statements from the last 60 days\u003C\u002Fli>\u003Cli>Investment account statements (if applicable)\u003C\u002Fli>\u003Cli>Two years of history of where you’ve lived\u003C\u002Fli>\u003C\u002Ful>\u003Cp>The result? You’ll get a pre-approval letter showing what you can borrow. Keep in mind, that any changes in your finances can affect your pre-approval status. So, after you receive your letter, avoid switching jobs, applying for new credit cards or other loans, or taking out large sums of money from your savings.\u003C\u002Fp>\u003Ch4>\u003Cstrong>How It Helps You Determine Your Borrowing Power\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>This year, \u003Ca href=\"\u002F2024\u002F12\u002F10\u002Fwhat-will-it-take-for-prices-to-come-down\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> are expected to rise in most places and mortgage rates are still showing some volatility. So, since affordability is still tight, it’s a good idea to talk to a lender about your home loan options and how today’s changing mortgage rates will impact your future monthly payment.\u003C\u002Fp>\u003Cp>The pre-approval process is the perfect time for that. Because it determines the maximum amount you can borrow, pre-approval also helps you figure out your budget. You should use this information to tailor your home search to what you’re actually comfortable with as far as a monthly mortgage payment. That way, you don’t fall in love with a house that’s out of your comfort zone.\u003C\u002Fp>\u003Ch4>\u003Cstrong>How It Helps You Stand Out \u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Once you find a home you want to put an offer on, pre-approval has another big perk. It not only makes your offer stronger, it shows sellers you’ve already undergone a credit and financial check.\u003C\u002Fp>\u003Cp>When a seller sees you as a serious buyer, they may be more attracted to your offer because it seems more likely to go through. As Greg McBride, Chief Financial Analyst at \u003Cem>Bankrate\u003C\u002Fem>, says:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“Preapproval carries more weight because it means lenders have actually done more than a cursory review of your credit and your finances, but have instead reviewed your pay stubs, tax returns and bank statements. \u003C\u002Fem>\u003Cstrong>\u003Cem>A preapproval means you’ve cleared the hurdles necessary to be approved for a mortgage up to a certain dollar amount.”\u003C\u002Fem>\u003C\u002Fstrong>\u003C\u002Fblockquote>","\u003Cp>If you’re planning on buying a home, getting pre-approved for a mortgage should be one of the first things on your to-do list. Not only will it give you a better understanding of your borrowing power, it can put you in the best position possible to make a strong offer when you find a home you love. Connect with a trusted lender to learn more.\u003C\u002Fp>",false,[16,20],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},9,"Home Prices","home-prices","2025-01-16T11:30:00Z","2025-01-16T11:30:25Z",{"id":27,"slug":28,"title":29,"featuredImage":30,"publishedAt":31,"contentType":10,"isVideo":14},74693,"roughly-11000-homes-will-sell-today-will-yours-be-one-of-them","Roughly 11,000 Homes Will Sell Today – Will Yours Be One of Them?","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250113\u002F20250115-Roughly-11-000-Homes-Will-Sell-Today-Will-Yours-Be-One-of-Them-original.png","2025-01-15T11:30:00Z",{"id":33,"slug":34,"title":35,"featuredImage":36,"publishedAt":37,"contentType":10,"isVideo":14},75204,"2025-housing-market-forecasts-infographic","2025 Housing Market Forecasts","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20250116\u002F20250117-2025-Housing-Market-Forecasts-KCM-Share-original.jpg","2025-01-17T11:30:00Z",{"cover":39,"open":40,"shareSpread":41},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[43,47,48,52,56,60,61,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,145,149,153],{"id":44,"name":45,"slug":46},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":21,"name":22,"slug":23},{"id":62,"name":63,"slug":64},11,"First-Time Buyers","first-time-buyers",{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":142,"name":143,"slug":144},327,"Forecasts","forecasts",{"id":146,"name":147,"slug":148},328,"Selling Tips","selling-tips",{"id":150,"name":151,"slug":152},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":154,"name":155,"slug":156},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]