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Mortgage Pre approval Kansas City

Obtaining a mortgage loan pre-approval letter from a local lender is an important first step before you start house hunting for your dream home in Kansas City. With our company, you never pay a fee to get pre-approved for home loans. Below, we explain everything you want to know about qualifying for our low interest rate home loans.

Is it better to get pre-approved for a mortgage home loan upfront?

  • Realtors in the Kansas City area 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 that a trusted mortgage lender has reviewed your income, assets, credit and you are qualified and ready to purchase.
  • It helps you identify any problems you may have. For example, too much loan debt, a low credit score, etc. It gives you time to correct them as needed and to obtain the lowest mortgage interest rates from a local lender.
  • You’ll save time by only looking at Kansas City real estate within your home 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.
  • This 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.
  • A lender can offer more competitive interest rates and home loans, with simple credit improvements.

What documentation is needed for mortgage pre-approval?

The lender will need to review your financial information. Such as; your income, assets, and credit history. This will determine the types of first home mortgage loans you are eligible for when buying a new home in Kansas City.

mortgage pre approval kansas city

Pre-approval Checklist for Mortgage Home Loans:

  • Most recent Pay-stubs
  • Last two years W2’s
  • Last two months Bank Statements (all pages) for checking and savings accounts to ensure enough funds for your down payment plus closing cost.
  • A legible copy of your Driver’s License(s)
  • Two years Tax Returns (Self-employed).

Depending on your personal situation, additional loan items may be required by the mortgage lender. Your local Loan Officer will guide you through the new home buying process and cover the available home loans and interest rate.

How long does it take to get pre-approved for a mortgage loan?

Our Overland Park, KS office can issue your mortgage loan pre-approval letter within one business day. Your mortgage pre-approval Letter will be emailed and will also include an Initial Fee Worksheet (IFW).

The IFW is a home loan estimate which details your fixed housing payments (total monthly payment – payment, property taxes, insurance, PMI and HOA), loan amount, qualified interest rate, mortgage amount, down payment and closing costs.

How long is a mortgage loan pre-approval letter good for?

The most common question we receive is “How long does a mortgage pre-approval letter last?” Typically, the mortgage loan pre-approval letter is good for up to 120 days from the date the credit report is obtained. You would need to close on your dream home in the Kansas City area within this time period. To extend the expiration date of the home loan pre-approval letter is simple. We will need to re-pull credit, obtain updated pay-stubs, and bank statements.

What is the difference between Mortgage Pre-approval vs. Mortgage Qualification?

Mortgage qualification differs from a mortgage pre-approval. In that, mortgage prequalification is a verbal assessment of whether your debt-to-income ratio fits the lenders program guidelines for a Kansas City home loans. Prequalification also provides a general estimate of how much of a home mortgage loan you can afford.

Getting a mortgage pre-approval, on the other hand, involves the same steps as a home loan application. You’ll provide detailed information about your income and assets that will be reviewed by an automated underwriting system (AUS). If pre-approved, you’ll get a pre-approval letter in your name for a specific mortgage loan amount, loan terms, and a “to be determined” Kansas City home address. This will be sent to you by email.

Do mortgage pre-approvals affect credit score?

When a home mortgage lender obtains your credit report, it is a hard inquiry. However, the impact on your credit score is usually less than 5 points. When a credit inquiry has a greater impact on your credit score is when you have already applied with multiple lenders for different credit types. For example, home loans, auto loans, credit cards, and installment loans.

The FICO models allow you to inquire with multiple home loans with Kansas City mortgage lending companies within a 30-day period and count as one mortgage credit inquiry.

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How do I qualify for Kansas City home loans online?

Online mortgage pre-approval is quick and easy with our 5-minute home mortgage loan application. The online application will cover basic borrowers’ information like residency, employment history, social security number, contact information, and bank account information. Mortgage lender pre-approval is not a home loan approval. Your home loan will need to be underwritten before receiving a final mortgage loan commitment from our Kansas City office.

Check out the different types of home loans and use our live mortgage calculator to run a monthly payment after reviewing today’s competitive interest rates and save money.

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Let’s discuss your pre-approval and the available home loans today!

Have Questions? Speak with an experienced mortgage lender in Overland Park, KS. Let’s discuss the available home loans, interest rate and you will be on your way to purchase your new dream home. Please contact our Kansas City Customer Service online or call us by phone at (913) 642-8300 today.

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Find out more about home loans from a mortgage lender you can trust.
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