How to get pre-approved in New Hampshire

What's the difference between pre-qualification and pre-approval?

The difference is usually what has been checked. Both letters say how much a lender is willing to lend, up to a certain amount and based on certain assumptions. A pre-qualificationPre-qualification A quick estimate of what you might borrow based on information you share, before documents are verified. See the full glossary× is often based on what you tell the lender. A pre-approval goes further: your credit, income and assets are reviewed and verified, so the letter carries more weight with sellers and their agents.

Lenders don't all use these words the same way, so the Consumer Financial Protection Bureau suggests paying attention to what was actually verified rather than the label. Neither letter is a final loan approval or a commitment to lend.

Why get pre-approved before you shop?

In southern NH, many sellers expect a pre-approval letter with an offer, and a verified letter shows you your real price range before you fall for a home.

Not ready to apply yet? Start with guidance instead. Tell Tom about your plans and he'll help you decide when a full pre-approval makes sense. That first conversation doesn't pull your credit.

What documents do I need for pre-approval?

For pre-approval, everyone needs photo ID, recent pay stubs, W-2s and bank statements, plus a few more documents if they apply to you.

Everyone

• Photo ID
• Pay stubs for the last 30 days
• W-2s for the last two years
• Bank statements for the last two months, all pages
• Details on any other income you'd like counted

If it applies

• Two years of personal and business tax returns if you're self-employed
• DD-214 or Certificate of Eligibility for a VA loan
• A gift letter for gifted funds
• A divorce decree or support order
• Leases for rental properties
• Your current mortgage statement for any home you own

Upload documents through the secure application, never by email.

How do I get pre-approved in NH?

Getting pre-approved with Tom starts with a short call, then a secure online application and your documents.

1. Talk with Tom. A short call covers your goals, the towns you're considering and the programs that may fit. It doesn't pull your credit.
2. Apply online. Complete Elite's secure application.
3. Credit review. With your permission, your credit is checked. Mortgage inquiries within a short shopping window are generally treated as one (credit and your mortgage).
4. Documents. Upload your pay stubs, statements and anything else on the checklist.
5. Your letter. Once the review is done, you get a pre-approval letter, and Tom can tailor it to each offer you make.

How long does pre-approval take?

Once your documents are in, a pre-approval can often come together quickly. Self-employed income, a recent job change or questions on your credit report may take longer, so starting before you tour leaves time to sort out anything that comes up.

How long is a pre-approval letter good for?

Many letters are good for about 60 to 90 days, depending on the lender, because credit and income documents need to stay current. If your search runs longer, Tom can refresh it with recent pay stubs and statements.

How do I protect my pre-approval?

Protect your pre-approval by keeping your credit, job and bank accounts steady until closing.

• Hold off on new credit cards, car loans and large purchases on credit.
• Avoid changing jobs before closing if you can, and tell Tom about any change.
• Keep a record of large deposits, and ask before moving money between accounts.
• Keep paying every bill on time.

Next: what happens after you apply, from Loan EstimateLoan Estimate A standard three-page form you receive within three business days of applying that shows your estimated rate, payment and costs. See the full glossary× to closing day.