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Kansas City Pre-Approval

Obtaining a Kansas City mortgage pre-approval letter from Metropolitan Mortgage is an essential first step, and you should complete pre-approval before house hunting for your dream home in Kansas City. With Metropolitan Mortgage, you never pay a fee to get pre-approved. Below, we explain everything you want to know about qualifying for our best interest rate.

GET PRE-APPROVED

Or call us (913) 642-8300

IS IT BETTER TO GET A MORTGAGE PRE-APPROVAL UPFRONT?

  • Realtors will be more willing to work with you and search for a new home.
  • When buying a new home, Realtors and sellers can rest assured. They will know that a trusted lender has reviewed your income, assets, and credit, and you are qualified and ready to purchase.
  • It helps you identify problems, such as too much debt, a low credit score, etc. It allows you time to correct them as needed and obtain the best interest rates from a local lender.
  • You’ll save time by only looking at real estate within your purchase price range.
  • Make an offer as soon as you find the perfect house.
  • Sellers will take you seriously. And are more likely to accept your offer over other home buyers who are not.
  • It helps you negotiate a better offer.
  • The seller can expect fewer delays with your offer. Thus, making your offer more attractive.
  • Can help first-time home buyers in a Bidding War.
  • Expedites the time to submit an offer.
  • We can offer the best mortgage rates in Kansas City with simple credit improvements.

What You Need to Know About Mortgage Pre-approval

WHAT DOCUMENTATION IS NEEDED TO GET PRE-APPROVED?

The lender will need to review your financial information, such as; your income, assets, and credit history. This information will determine the types of first mortgages you are eligible for when purchasing a home in Kansas City. Please find a checklist below:

Mortgage Pre-approval Checklist

Mortgage Pre-approval Checklist:

  • Most recent pay-stub(s)
  • Last two years W2s
  • The last two months’ bank statements (all pages) reflect sufficient funds for closing.
  • A picture of your driver’s license(s)
  • Two years of personal tax returns (Self-employed) and two years of business tax returns (own more than 25% of the business)

Mortgage Documentation Checklist: The complete list of items needed

Depending on your situation, more documentation may be requested by the mortgage lender. Your local Loan Officer in our Overland Park office will guide you through the new home buying process and cover the available home loans and best interest rate.

Learn How to Get Pre-approved for a Mortgage

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HOW LONG DOES IT TAKE TO GET PRE-APPROVED FOR A MORTGAGE LOAN?

A mortgage pre-approval letter will typically take one business day. Your letter will be emailed and include an Initial Fee Worksheet (IFW).

The IFW is an estimate which details the mortgage payment. Such as; payment, property taxes, insurance, mortgage insurance, and HOA dues.

The loan amount, qualified interest rate, down payment, and closing costs. Our Overland Park, KS office will issue the letter.

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HOW LONG DOES A PRE-APPROVAL LETTER LAST?

The most common question is, “How long does a pre-approval letter last?”

Typically, the letter is good for up to 120 days from the date of the credit report, and you would need to close on your dream home within this time.

Extending the letter’s expiration date is simple, and we must re-pull credit and obtain updated pay stubs and bank statements.

Learn more: How to make an offer on a home

mortgage pre-approved

HOW FAR IN ADVANCE SHOULD I GET PRE-APPROVED FOR A MORTGAGE?

The best time to get pre-approved for a home mortgage is a week before you buy a home. You will know how much you’re qualified to borrow; pre-approval helps you decide how much you can afford. However, most homebuyers do not spend as much on a home as they are approved.

WHAT IS THE DIFFERENCE BETWEEN PRE-APPROVED AND PRE-QUALIFIED?

Qualification differs from a pre-approval. Prequalification is a verbal assessment of whether your debt-to-income ratio fits the loan products guidelines, and Prequalification also provides the best estimate of how much you can afford.

On the other hand, getting a pre-approval involves the same steps as a loan application. You’ll provide detailed information about your income and assets that an automated underwriting system (AUS) will analyze.

If pre-approved, you’ll get a letter in your name for specific terms, such as; mortgage loan amount, loan terms, and a “to be determined” address. 

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DOES IT HURT YOUR CREDIT SCORE TO GET PRE-APPROVED FOR A MORTGAGE?

When a lender obtains your credit report, it is a hard inquiry, and the impact on your credit score is usually less than 5 points.

However, a credit inquiry can significantly impact you when you have already applied with multiple credit types—home loans, auto loans, credit cards, and installment loans.

The FICO models allow you to inquire with numerous mortgage companies within 30 days and count as one credit inquiry.

Understanding Your Credit Score

WHAT CREDIT SCORE DO YOU NEED TO GET PRE-APPROVED FOR A MORTGAGE?

A minimum credit score of at least 620 is required for Conventional loans, and you will qualify for a better interest rate with a higher credit score. A credit score of 740 or above will enable most borrowers to be eligible for the best mortgage rates.

HOW DO I QUALIFY FOR A KANSAS CITY HOME LOAN ONLINE?

Online mortgage pre-approval is quick and easy with our 5-minute application. The online application will cover essential borrowers’ information-residency, employment history, social security number, contact information, and bank account information.

A lender pre-approval is not a final approval, and your application must be underwritten before receiving an absolute loan commitment from our office. Check out the different types of financing and use our live mortgage calculator to run a monthly payment after reviewing today’s competitive interest rates and save money.

Realtors Want Pre-approval Letters

LET’S DISCUSS HOME LOANS AND GET STARTED ON YOUR PRE-APPROVAL TODAY!

Have Questions? Speak with an experienced Loan Officer at Metropolitan Mortgage Corporation. Let’s discuss the best programs and interest rates, and you will be on your way to purchasing your new dream home. Please get in touch with our Customer Service online or call us by phone at (913) 642-8300 today.

Want to learn more?

Get Started Online

Our simplified application will walk you through each step of the process.

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Contact a Loan Officer in our Kansas City or Overland Park locations 

Find out more about home loans from Kansas City Mortgage Lenders that you can trust.
Call (913) 642-8300

 

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