Why get Pre-Approved – Exhalelending

Why Get Pre-Approved?

Homeownership is a commitment to cultivate a haven where memories bloom within the walls of our property.

Why Get Pre-Approved?

Simply put: To give yourself the best chance of making your strongest offer and having that offer accepted. And your real estate broker will require it.

It will also save you time, help manage your budget, generate confidence, eliminate problems early on, protect your deposit and make your life easier.

We want to get you pre-approved and shopping for your dream home soon as possible – but we need you to take the first step in getting approved, and that starts with your loan application.

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Not sure how to proceed? Schedule a meeting

We can guide you to a place of comfort and confidence.

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Why does Exhale Lending require a Loan Application?

As a prospective homebuyer, your purchasing power (or affordability) will be driven by the following factors:

Eligible Income means your income as calculated by your underwriter according to certain lending guidelines. The resultant number could be less than what you are actually earning today.
It is important, therefore, to work this out this early on in the process.

Available Assets means funds that you can bring to the closing table. Some assets may need to be “sourced” (think: paper-trail) which can take more time and documentation.
If you are short on assets, Gift Funds from a relative can help first-time homebuyers get onto the property ladder.
Exploring your options early on can help level-set expectations and reduce stress.
Ask about our 1% Down program for eligible home buyers.

Your Credit Report will be pulled early in the process. It will tell us about your credit score, help us understand what kind of loan you will be eligible for, outline your existing liabilities (debts), and help us work out a closing strategy, if needed.
In most cases, Exhale Lending is able to perform “Soft Credit Pulls” which can be used to evaluate your credit and prevent those annoying solicitation calls.

Your Personal Choices and risk tolerance adopted by you for your household will contribute towards your purchase price and affordability.
It’s worth noting that we are here to help buy the home of your dreams, but we want you to be happy within both, your home and the budget you set yourself, long after you close.

Only after we have confidence in the first three, and talked about your personal choices and preferences, can we write a pre-approval letter we can all stand behind.

Your Eligible Income
Available Assets
Credit Report
Personal Choices

Eligible Income means your income as calculated by your underwriter according to certain lending guidelines. The resultant number could be less than what you are actually earning today.

It is important, therefore, to work this out this early on in the process.

Available Assets means funds that you can bring to the closing table. Some assets may need to be "sourced" (think: paper-trail) which can take more time and documentation.

If you are short on assets, Gift Funds from a relative can help first-time homebuyers get onto the property ladder.

Exploring your options early on can help level-set expectations and reduce stress.

Ask about our 1% Down program for eligible home buyers.

Your Credit Report will be pulled early in the process. It will tell us about your credit score, help us understand what kind of loan you will be eligible for, outline your existing liabilities (debts), and help us work out a closing strategy, if needed.

In most cases, Exhale Lending is able to perform "Soft Credit Pulls" which can be used to evaluate your credit and prevent those annoying solicitation calls.

Your Personal Choices and risk tolerance adopted by you for your household will contribute towards your purchase price and affordability.

It's worth noting that we are here to help buy the home of your dreams, but we want you to be happy within both, your home and the budget you set yourself, long after you close.

Benefits to being Pre-Approved

When you submit a loan application you are helping your Loan Officer determine your level of affordability, and with this information, we can save you time, and get you under contract faster, and closed sooner.

It will also help:

Narrow down– or expand– your house hunt, so you can focus on properties within your budget.
Your Real Estate Agent or Realtor will value this immensely.

Avoid disappointment, and alleviate a last minute panic by having financing lined up, when that dream home comes on the market.

Get you prepared to make a strong and confident offer as soon as your are ready.

Be ready to close sooner, with less effort and less stress.

Keep within your budget
Avoid Disappointment
Protect Your Money
Reduce Stress and Build Speed

Narrow down- or expand- your house hunt, so you can focus on properties within your budget.

Your Real Estate Agent or Realtor will value this immensely.

Avoid disappointment, and alleviate a last minute panic by having financing lined up, when that dream home comes on the market.

Get you prepared to make a strong and confident offer as soon as your are ready.

Be ready to close sooner, with less effort and less stress.

If you are unsure what to do, or how to proceed, why not schedule a no-obligation meeting and we can hold your hand and guide you to a place of comfort and confidence?

Pre-Approval Process

The pre-approval is quite simple. Most buyers can submit a loan application in about 20 minutes, upload their supporting documentation and be shopping in a matter of hours.

Here’s what to expect

Submit your loan application as best you can. Don’t worry if there are mistakes, someone at Exhale willgo over the application with you before it is submitted.
Just make sure you enter your Name, Social Security Number, Date of Birth and Address History correctly to avoid any unnecessary additional credit pulls.

Supporting Documentation, is used to back your application and helps support our calculations.
Some homebuyers can get away with one Pay Stub, two W2s, two banks statements and one photo ID, but the more complicated your job history and situation, the more documents we’ll need.
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.
Your loan portal, called Blink+, will try to recommend documentation based on your inputs, but it’s not always right. A post-application consultation is the best way forward.

After we have received your application, supporting documentation and discussed a strategy, we will proceed with your credit pull.
Exhale Lending won’t pull your credit with your verbal consent (even if an electronic written consent has been provided).

After we have received your application and supporting documentation, and pulled your credit report, we can start our analysis and work out your affordability.
Under normal circumstances, this is a fairly quick process, but a homebuyer with a complicated job history could require some additional legwork (such as needing income verifications from prior employers). This is why being proactive is always the best strategy.

Once you are approved, Exhale Lending will generate your Pre-Approval Letter and share it with your agent.
Exhale will try to tailor your letter to your offer. In other words, if you are approved for $350,000, but only want to offer $325,000, we will make the letter out to the lower number.
Once you are under contract, the rest is easy.

Submit a Loan Application
Provide Supporting Documentation
Protect Your Money
Analsyis
Get Approved and Get Shopping

Submit your loan application as best you can. Don't worry if there are mistakes, someone at Exhale willgo over the application with you before it is submitted.

Just make sure you enter your Name, Social Security Number, Date of Birth and Address History correctly to avoid any unnecessary additional credit pulls.

Supporting Documentation, is used to back your application and helps support our calculations.

Some homebuyers can get away with one Pay Stub, two W2s, two banks statements and one photo ID, but the more complicated your job history and situation, the more documents we'll need.

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.

Your loan portal, called Blink+, will try to recommend documentation based on your inputs, but it's not always right. A post-application consultation is the best way forward.

After we have received your application, supporting documentation and discussed a strategy, we will proceed with your credit pull.

Exhale Lending won't pull your credit with your verbal consent (even if an electronic written consent has been provided).

After we have received your application and supporting documentation, and pulled your credit report, we can start our analysis and work out your affordability.

Under normal circumstances, this is a fairly quick process, but a homebuyer with a complicated job history could require some additional legwork (such as needing income verifications from prior employers). This is why being proactive is always the best strategy.

Once you are approved, Exhale Lending will generate your Pre-Approval Letter and share it with your agent.

Exhale will try to tailor your letter to your offer. In other words, if you are approved for $350,000, but only want to offer $325,000, we will make the letter out to the lower number.

Once you are under contract, the rest is easy.

At Exhale Lending we want to be your homebuying advocate and partner, and build a relationship that lasts through your home purchase. We will be there for your home purchase today, and your refinancings and purchases of tomorrow.

And, after going through your first home purchase with us, we hope you will want the same.

Expert Advice

We’re your trusted financial partners for life, dedicated to simplifying your journey towards homeownership. Reach out today!

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.