Conventional Loan Pre-Approval

You’ve decided that today is the day you get serious about buying a new home. You’ve done some basic research, but now you’ve decided you’d like to meet with a lender, like NASB, about finding the right lending product for you. Below is some general information about the pre-approval process for conventional home loans.

What is conventional preapproval?

As is the case for any lending product, NASB offers preapproval documentation for buyers who want to verify their financial information. A preapproval is much deeper look into your finances and considered more legitimate than a prequalification when it comes to finding the right mortgage solution. Obtaining your conventional preapproval will help NASB quickly decide what loan amount you can afford.

Why should I get preapproved for a conventional loan?

Trying to figure out which home mortgage product fits your situation can be difficult, especially if you’re a first-time buyer. Understand that every lender, including NASB, has certain requirements that must be met. For example, conventional loans are typically offered to customers with a FICO score around 700 (or higher). There are other considerations, however, including:

  1. Verifying your income and employment

  2. Identifying any prior credit issues – such as late payments or bankruptcies/foreclosures.

  3. Pairing the value of the home with the proper lending product

If you’re unfamiliar with the conventional preapproval process, just know that this list doesn’t exhaust all the possible documentation. Your lender will keep in contact with you to brush up on any other necessary documents. But remember, time is of the essence when you finally decide to make an offer on a new home. Securing that preapproval document will let the realtor and the lender know you’ve done some digging on your personal finances – and it’s that kind of dedication that will only help in the long-run. 

NASB is ready to work with you to obtain a conventional loan preapproval, and assist in finding your unique home mortgage solution.