To get pre-approved for a mortgage, you’ll need five things—proof of assets and income, good credit, employment verification, driver’s license (or state issued ID), and social security number. We then run your file through our automated underwriting system (AUS) to validate loan conditional approval. If you plan on having a co-borrower, they must also provide all of the above.

A mortgage pre-qualification is based on your estimated credit score and other details you provide the lender, such as the purchase price of a home you would like to buy, your down payment, your monthly debts and how you would want to structure your loan (length, fixed- or adjustable-rate interest, and so on)

With a preapproval, you complete our full mortgage application with supporting documentation, The lender pulls your credit report and score and puts an offer in writing to give you a loan at a given interest rate.

Pre-approval letters are typically valid for up to 30-60 days. When you obtain a pre-approval letter, there will be a date on the top telling you when it expires. Underwriting guidelines typically require borrowers financials (ie: paystubs, bank statements) to stay updated within 30 days of close.

A pre-approval letter expires because we need to be up-to-date with your financial information. This includes your salary, assets, and debts. Two months is long enough for you to have left a job, taken on new debts, or spend what was in your account.

Keep in mind that even if you are pre-approved, it is likely that we will still want an updated set of pay stubs and bank statements around the time of closing.

*If  you or your co-borrower’s circumstances change regarding employment (job change, loss, hourly/salary reduction, etc.) please contact Watson Capital Mortgage immediately to notify.