Mortgage pre-approval in Arizona.
A pre-approval means a lender has actually reviewed your credit, income, and assets, and it is what Arizona sellers expect to see with your offer. A quick online pre-qualification does not carry the same weight. Gather your documents, talk to a lender, and keep your finances steady until closing.
What is the difference between a pre-qualification and a pre-approval?
A pre-qualification can be a letter issued after a short conversation, sometimes online, without anyone verifying your numbers. A pre-approval means the lender has pulled your credit and reviewed your pay stubs, W-2s, and bank statements. Chris calls a real pre-approval letter the “golden ticket”: it tells the seller’s side you are ready to go.
Listing agents look at who issued the letter and what was verified. Without one, Chris says, many will not take an offer seriously.
What a strong letter shows
- The lender has reviewed your credit reports
- Income verified with pay stubs and W-2s
- Assets verified with bank statements
- The loan type and amount you qualify for
- A lender the listing agent can call
Why the pre-qual matters in Arizona.
The Arizona purchase contract ties your offer to your financing. Chris walks through the loan contingency language and the pre-qualification form that goes with your offer.
Under that contingency, loan approval without “prior to documents” conditions is due no later than three days before the close of escrow date.
What documents do I need to get pre-approved?
Chris gives his buyers this list before he introduces them to a lender:
- At least one month of recent pay stubs if you are salaried
- Two months of statements for every account: checking, savings, 401(k), mutual funds
- Two years of tax returns, including W-2s
- Driver’s license and Social Security card, front and back
- Any child support you receive or pay
- Bankruptcy paperwork with the discharge date, if applicable
Your lender may ask for more or less depending on your situation, for example if you are self-employed.
Which loan is right for me: FHA, conventional, or VA?
FHA is a federally backed loan that is often the easiest to qualify for, especially for first-time buyers. Chris explains that with about a 640 credit score, FHA allows 3.5% down. Conventional loans fit buyers with strong credit; some programs allow as little as 3% to 5% down. VA loans are for eligible veterans and service members.
The right fit depends on your credit, savings, and plans. Chris connects buyers with lenders he trusts so they can compare.
Veterans: see the veteran buyer guide. First-time buyers: see the first-time buyer guide.
What should I avoid after I am pre-approved?
Do nothing that changes your credit or cash. Chris’s list: do not give your credit information to anyone except the lender approving you, do not buy a car, a boat, or a jet ski, do not open new credit, and do not move large sums around without talking to your lender first.
Lenders re-check before closing. A new payment or a big unexplained deposit can delay an approval that was solid a month earlier.
Until you close, don’t…
- Buy a car, boat, or furniture on credit
- Open or close credit cards
- Let anyone else run your credit
- Change jobs without telling your lender
- Move money without a paper trail
More on getting approved.
Click any video to play it here.
Your questions, answered.
Does getting pre-qualified cost anything?
Chris tells buyers the pre-qualification conversation with a lender costs nothing but a little time.
Is a pre-qualification the same as a pre-approval?
No. A pre-qualification may not verify anything. A pre-approval means the lender reviewed your credit, income, and assets, and it carries more weight with sellers.
What documents do I need for a mortgage pre-approval?
Typically recent pay stubs, two months of bank and investment statements, two years of tax returns and W-2s, your ID and Social Security card, and paperwork for child support or a past bankruptcy.
What credit score do I need for an FHA loan?
Chris explains that a 640 score generally allows 3.5% down on FHA, and lower scores may be possible with more money down. Your lender will confirm what you qualify for.
Can I buy a car while my home loan is in process?
Chris’s advice is no. Avoid new debt, new credit, and large purchases until after closing.
Keep learning.
The Arizona Home Buying Process
The Arizona home-buying process step by step, from pre-approval to keys, with Chris’s video for each step.
Read the guideFirst homeFirst-Time Home Buyers in Arizona
A first-time buyer’s guide to financing options, down payment help, and what to expect.
Read the guideStep 2 · OfferMaking an Offer on a Home in Arizona
How an offer comes together in Arizona: the pre-offer documents, earnest money, concessions, and multiple offers.
Read the guideVeteransVeteran Home Buyers in Arizona
VA financing basics and how Chris, from a military family, works with veteran home buyers.
Read the guideAsk The Real Estate Guy.
Tell Chris where you are in the process and what you are trying to accomplish. He will reply with a practical next step for your Arizona purchase or sale.
- Chris Dunham, The Real Estate Guy™ · Brokers HUB Realty
- Buyers, sellers & investors across the Phoenix metro and Pinal County
- Email: [email protected]
Talk to Chris
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