Step 3 to Buying a Home: 

Get Pre-Approved

Have a burning question about Step 3?

Now that you have Step 1 & Step 2 out of the way, it is time to get pre-approved. 

You've heard this before, that it is your biggest financial purchase most likely in your life time, you must have our ducks in a row before you make an offer. 

Any Realtor you work with, will make sure you are pre-approved before looking at homes, especially before putting an offer in.
There are several reasons this is very important before you start looking at homes:

  •  1st - you need to have a good understanding of what you can afford. You don't want to fall in love with a home that is out of your price range. 
  • 2nd - you also need an understanding of all the costs involved in purchasing a home. You have your down payment but you also have closing costs on top of that. It can cost upwards of 3-5% of the sales price, sometimes more. To learn more about closing costs, check out my blog post here.
  • Lastly - you need an idea of what your monthly payment will be after closing. Because after the closing, and you are all moved in, it is your monthly expenses that will affect you the most. 

A lot of times, clients are approved for more than what they are comfortable paying a month. Understanding the mortgage process is key.

Just as it is important to be comfortable working with your Realtor, having a loan officer you trust is veryimportant. You are turning over documents you don't share with most people. They can cost you more money, or even to lose out on a deal because their process took too long or they didn't have their ducks in a row with getting your file through underwriting.

To check out a list of mortgage brokers I recommend see below:

  • Darla McNamara

         AVP/Residential Mortgage Lender/NMLS#112348

         3317 N I-10 Service Rd. Metairie, LA 70002

         [email protected]

        Cell 504-512-1213


  • Leslie O'Neil

          Loan Officer/NMLS#298621

          Movement Mortgage

          [email protected]

         Cell:949.933.7055


  • Mark Boasberg

         Loan Officer/NMLS# 111912

         NOLA Lending Group

         [email protected]

         cell:504.388.8684


Paperwork you need to gather:

Some lenders depending on the type of loan you get may require different or additional documents but below is a list you can generally expect to hand over to your loan officer.

  • Last 2 months bank statements. This will include any asset account you have. (bank statement, savings accounts, 401ks, IRAs, mutual funds, stock accounts.)
  • Last 2 paystubs from your employer
  • Last 2 years W2s
  • Last 2 years tax returns, federal and state.


Pre-approval letter

What is it and do you need one? Yes you absolutely need one. This is the proof behind getting pre-approved. It can take anywhere from 3-5 business days to get your pre-approval from your lender once you have turned in all documentation. Depending on your situation, they may ask for additional paperwork. It is part of the process to getting you on your way to owning a home.

Get a loan estimate to know your costs

Loan officers should provide you a Loan Estimator once you are pre-approved. It will break down all cost including closing costs and what they are charging you to process the loan. It is crucial to review this document to there are no surprises of costs when you get closer to closing time

Shopping around for a loan

Absolutely shop around for a loan. It can't hurt to ask upfront what their fees and interest rates are. Interest rate will depend on your credit score, but use caution before having too many people pull your credit report.

See you in Step 4 - Download the Home Buyer's Checklist

Any questions about any of this, you know where to find me - [email protected] or even call me 504.452.7789

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