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Mortgage Pre-Approval

Why Is A Mortgage Pre-Approval Important?

Serious homebuyers should start the process with a lender, not at an open house. As a potential buyer you benefit in several ways by meeting with a lender first and obtaining a mortgage pre-approval letter. This verifies that a lender has checked your credit and verified your documentation to approve a specific loan amount. While a pre-approval doesn't guarantee you will get a mortgage, being pre-approved does have some advantages, which include:

  • It gives you confidence in your search. When you know how much mortgage you can afford, you can look for houses within your budget.
  • It accelerates the loan process once you make an offer because your lender has most of your financial information.
  • It shows home sellers that you have your finances in check and that you are serious about buying a house.

One of our Lenders will be happy to work with you to determine which mortgage loan product is best suited to your needs. 

Loans are subject to approval. Bank of Lake Mills NMLS #460552.
  • Identification
    • Driver's License or US Passport
    • Social Security Number
  • Income
    • Names and addresses of employers for the last 2 years
    • Paystub for most recent full month with year to date earnings
    • W-2 Form(s) for the last 2 years
    • Personal and business federal tax returns for the last 2 years
  • Assets and Liabilities
    • Statements for checking/savings, 401(k), money markets, etc.
    • Documentation for any recent large deposits in accounts
    • Most recent statement for current mortgages (if applicable)
  • Special Situations (if applicable)
    • Bankruptcy papers (petition, discharge and schedules, letter of explanation)
    • Divorce: Final judgment and marital settlement agreement
    • Judgment or lien on your assets
    • Child support history showing no arrearage
    • Letter of explanation regarding all late payments and recent inquiries
A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home, but a mortgage pre-approval is much more valuable because it means a lender has checked your credit and verified your documentation to approve a specific loan amount. The final loan amount is approved when you have selected a property and an appraisal has been completed to determine the value. 
  • It is a FREE Service
  • Low Interest Rates and Fees
  • Quick and Reliable Pre-Approvals
  • Local Mortgage Servicing available
  • We offer an array of mortgage loan options
  • Apply online ANYTIME