Pre-Approval 101
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Pre-Approval 101
Pre-approval is the key to a smooth homebuying journey. It helps you define your budget, make competitive offers, and avoid surprises along the way. On this page, we’ll walk you through the process, highlight its benefits, and show you how Exhale Lending makes it simple and stress-free.
Why Get Pre-Approved?
Pre-approval is more than just a formality—it’s your ticket to becoming a serious buyer in today’s competitive market.
- Pre-approval also:
Saves you time.
Helps manage your budget.
Builds confidence.
Identifies and eliminates potential problems early on.
Protects your deposit.
Makes your life easier.
At Exhale Lending, we want to get you pre-approved and shopping for your dream home as soon as possible. But it all starts with your loan application—your first step toward approval.
- Start your Application
- Apply online now and get pre-approved in minutes, and gain the confidence to make your strongest offer.
- Schedule a Consultation
- Schedule a free, no-obligation consultation to understand the home buying process and requirements.
Why Does Exhale Lending Require a Loan Application?
Your purchasing power—or how much home you can afford—depends on key factors like:
- Eligible Income
- What qualifies as reliable and usable income. This could be less than what you are earning today. It is important to work this out this early in the process to help level-set expectations and reduce stress.
- Available Assets
- Funds available for your down payment and closing costs. Some assets may need to be “sourced” (think paper-trail), which can lead to more documentation needs or potential delays. Getting your assets review early on can alleviate a lot of potential work and headaches.
If you’re short on assets, Gift Funds from a relative can help first-time and repeat buyers get onto the property ladder.
- Credit Report
- Your credit report will be pulled early in the process. It will tell us about your credit score, your current liabilities and debts and give us an insight into your credit history. The bottom line is that it will help us understand what kind of loan you may be eligible for, and help us work out a strategy to get you to the closing table.
Ask about soft credit pulls and Pre-Screen Opt-Out.
- Personal Choices
- Your risk tolerance and household budget preferences. At Exhale Lending, we believe affordability isn’t just about getting approved for a loan—it’s about ensuring you’re comfortable with your home and budget long after closing.
Once we analyze your financial profile and discuss your personal choices, we can issue a pre-approval letter that everyone can confidently stand behind.
Benefits of Being Pre-Approved
When you submit a loan application you are helping us determine your level of affordability, and with this information, we can save you time and stress, get you under contract faster, and closed sooner. Pre-approval also helps:
- Stay on Budget
- Focus your home search on properties you can afford
- Avoid Disappointment
- Be ready to act when your dream home hits the market.
- Protect Your Money
- Safeguard your deposit with pre-approval in hand.
- Save Time and Reduce Stress
- Move through the process faster and with confidence.
Your real estate agent will value this immensely, as it allows you to focus on serious offers that can close on time.
If you’re unsure about how to start, schedule a no-obligation meeting, and we’ll guide you step by step to a place of comfort and confidence.
The Pre-Approval Process
The process is simple and straightforward. Most buyers can complete their loan application in about 20 minutes, upload supporting documents, and start shopping for homes in a matter of hours.
What to Expect:
- Submit a Loan Application
Complete your application as accurately as possible. Don’t worry about mistakes—our team will review everything with you.
- Make sure your Name, Social Security Number, Date of Birth, and Address History are entered correctly to avoid additional credit pulls.
- Upload Supporting Documentation
- Supporting Documentation, is used to back your application and helps support our calculations.
- Most buyers can submit basic documents like pay stubs, W2s, and bank statements, but we’ll guide you if your situation is more complex.
- We won’t know what documentation we will need from you until you have submitted your application – or we have had a chance to chat.
- Analysis
- After we have received your application and supporting documentation, our team will analyze your information promptly, but complex cases may require additional steps—proactive preparation is key.
- Get Approved and Start Shopping
With your pre-approval letter in hand, you’ll be ready to shop with confidence and make strong offers.
Why Choose Exhale Lending?
At Exhale Lending, we’re more than just your lender—we’re your homebuying partner and advocate. Our goal is to build a relationship that lasts beyond your first home purchase. Whether it’s future refinances or the purchase of your next home, we’ll be here to guide you every step of the way.
Let us help you make your dream of homeownership a reality today—and for all the dreams to come.
Exhale Lending is a mortgage brokerage firm that embodies trust, transparency, and a genuine desire to help clients achieve financial serenity. With our client-centric approach, expertise, and unwavering commitment to excellence, Exhale Lending is poised to make a meaningful impact on the journey towards homeownership for individuals and families alike.
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Exhale Lending, L.L.C.
Equal Housing Opportunity
Office Location
Cary, NC 27511