Congratulations on your decision to become a homeowner! Whether it’s your first home or you’re moving to a new one, obtaining a pre-approval for a mortgage loan is a crucial step in the home buying process. It helps you determine how much you can afford and makes you a more attractive buyer to sellers. To ensure a smooth pre-approval process, here’s a simple checklist to follow:

1. Check Your Credit Score:

• Obtain a free credit report from annualcreditreport.com.
• Review it for errors and discrepancies.
• Pay down outstanding debts to improve your credit score.

2. Calculate Your Budget:

• Assess your monthly income and expenses.
• Use online mortgage calculators to estimate monthly payments.
• Determine how much you can comfortably afford.

3. Gather Financial Documents:

• Collect recent pay stubs, W-2s, and tax returns (2-3 years).
• Prepare bank statements, investment account statements, and proof of other assets.
• Include documents for any other sources of income.

4. Contact Fidelis Mortgage Corporation to get in touch with an experienced Loan Officer:

• Call 717-283-0900 to find the best rate!

5. Pre-Qualify vs. Pre-Approval:

• Understand the difference between pre-qualification and pre-approval.
• Opt for pre-approval, as it’s a more detailed and reliable assessment of your eligibility.

6. Submit Your Application:

• Complete our mortgage application.
• Provide accurate information about your finances, income, and employment history.
• Double-check your application for errors before submission.

7. Wait for the Lender’s Decision:

• Be patient while the lender reviews your application.
• Respond promptly to any requests for additional documentation or information.

8. Review the Loan Offer:

• Review the pre-approval letter carefully, including the loan amount, interest rate, and terms.

9. Address Conditions:

• If your pre-approval comes with conditions (e.g., pay off specific debts), work to fulfill them.

10. Maintain Financial Stability:

• Avoid major financial changes during the pre-approval process.
• Don’t open new credit accounts or make significant purchases.
• Don’t depost large sums of cash into your bank account.

11. Get Ready for House Hunting:

• With pre-approval in hand, you’re ready to start house hunting.
• Work with a real estate agent to find the perfect home within your budget.

12. Keep Your Pre-Approval Current:

• Pre-approvals don’t last forever! Talk to your loan officer about the validity of your pre-approval.
• Stay in touch with your loan officer to extend your pre-approval if necessary.

Remember, pre-approval doesn’t guarantee a mortgage loan, but it’s a crucial step that demonstrates your financial readiness to buy a home. By following this checklist and being prepared, you’ll be well on your way to securing the mortgage you need to make your homeownership dreams come true. Happy house hunting!