Purchasing a house is among the most exhilarating points you can do! Well, if you are dreaming of a place in Orem, Utah, then you chose a good place. People have come to buy houses around here and a good house will sell quick sometimes within the 49 to 72 days range. That telling you more that if you want the whole home you love you have to ready to take instant action.
So, how do you get ready in a fast market like Orem’s?
What is the most important step I need to take right now?
The single most important thing you can do to be ready is to get a fast mortgage pre-approval in Orem, UT. Think of it as your golden ticket. It is a letter from a trusted lender, like us at 3 Keys Lending, that says: “We have checked this buyer’s money and credit, and we are ready to give them a loan up to a certain amount.”
Why do I need pre-approval before I even look at houses?
In the Orem UT housing market, sellers want to know you are a serious buyer When a seller receives two nearly identical offers, the seller will almost always favor the buyer who is pre-approved, because the buyer is more likely to close quickly and without incident. A pre-approval shows the seller that your offer is strong and legitimate which gives you an edge on other buyers. This is the best way to ensure you get your dream home!
We are here to help you get this powerful letter quickly. We are experts in how to get pre-approved for a home loan in Utah, and we know all the local rules.
Getting your pre-approval fast starts with just one thing: making sure your documents are organized. Let’s talk about the exact papers you need to gather.
Step 1: Getting Ready – The Paperwork You Need
This step is all about getting ready to show the lender that you can pay back the money you borrow. Gathering these documents ahead of time is the biggest secret to getting a fast mortgage pre-approval in Orem, UT. If we have everything we need, we can move much faster!
What documents will a lender ask me for?
When you apply, we will look at your job and your money. Here is a simple mortgage pre-approval documents checklist Orem buyers use:
- Proof of Income (Your Job): We need to see your pay stubs from the last 30 days and your W-2 tax forms from the last two years. If you are your own boss (self-employed), we will look at your full tax returns from the last two years instead. This shows that your income is steady.
- Proof of Assets (Your Savings): This is the money you will use for a down payment and to pay for closing costs. We need bank statements from the last two months for all your checking, savings, and investment accounts.
- Personal Information: A copy of your driver’s license and your Social Security card. This is used to check who you are and to look up your credit history.
If you have any questions about a specific document or a special kind of income, just ask us! 3 Keys Lending is here to make this part clear and simple.
Now that you know what papers to gather, the next step is to understand a little about your credit score and why it matters so much for getting a home loan.
Step 2: Knowing Your Credit Score (And Why It Matters)
After we look at your job and your papers, we will look at your credit score. This score is just a number that tells us how good you have been at paying back money you have borrowed in the past, like on credit cards or car loans.
What is the minimum credit score for a home loan in Orem, UT?
A higher score is always best, but you do not need a perfect score to buy a house! The minimum credit score for home loan Orem UT buyers need depends on the kind of loan you get:
- Conventional Loan: For this common type of loan, lenders usually want your credit score to be 620 or higher.
- FHA Loan: This loan is backed by the government and is a great option if you have not been able to save a large down payment or if your credit score is a little lower. You can often qualify with a score as low as 580.
A higher credit score usually means you will get a better home loan interest rate, which will save you lots of money over the years you own your home.
Should I check my credit score before I apply?
Yes! It is always a good idea to check your credit score for free before you apply for a pre-approval. If you find any mistakes on your credit report, you can fix them right away. This will help you get the best mortgage interest rate possible.
You have your documents ready, and you know your credit score. The next easy step is to officially start your loan request with our team at 3 Keys Lending.
Step 3: Applying with 3 Keys Lending
Getting a fast mortgage pre-approval in Orem, UT is easiest when you work with a local expert who cares about your needs. That is what we are here for! We have made the 3 Keys Lending application process as simple and quick as possible.
How do I apply for mortgage pre-approval online in Orem, UT?
You can usually fill out our loan application on our website. It is designed to be fast and easy, taking only about 15 to 30 minutes. You will use the papers and details you gathered in Step 1 to fill in the correct information about your income, debts, and savings.
As a local lender, we know the best down payment assistance programs and first-time homebuyer programs available in Utah County. This means we can help you find a loan that is the perfect fit for your family and your budget.
If you are serious about buying a home and want to move fast, you can start your application right now. Click here to begin your secure application with 3 Keys Lending!
After you hit the “Send” button on your application, our team gets to work right away. The next step is all about how quickly we can look everything over to get you your answer.
Step 4: The Lender’s Review and Your Fast Timeline
This is where the magic of a fast mortgage pre-approval happens! Because we are a local lender, we can often review your information much faster than a big bank from far away.
How long does a mortgage pre-approval take in Utah?
This is one of the most common questions we hear! If you have given us all the documents from Step 1, the fastest mortgage pre-approval Orem UT buyers can get may be as quick as one business day. Sometimes it takes a little longer if your financial situation is complicated, but our goal is always to be fast and clear.
What does the lender do during this review?
There are two main things that happen during this step:
- Document Review: Our loan officer checks your pay stubs, bank statements, and tax forms to make sure all the numbers are correct and that you can afford the loan.
- Hard Credit Pull: We check your credit score for real. This is why we call it “hard” it is the official check. It is a necessary step to give you the real pre-approval letter.
This quick review is what makes your pre-approval letter so valuable.
We have gone through all the steps to get you ready, and now we are at the finish line: getting your official letter!
Your Pre-Approval Letter is Ready!
The moment you get your Orem mortgage pre-approval letter is a huge win. You are no longer just a shopper you are a powerful, ready buyer!
What should I do with my pre-approval letter?
- Shop Smart: You now know exactly how much home you can afford, which is great because the average home in Orem costs around $501,000. You will only look at homes that fit your budget, which saves you time and stress.
- Make an Offer: When you find your dream home, you will give your real estate agent the pre-approval letter to include with your offer. This makes your offer much stronger than others that do not have this letter.
How long does my pre-approval last?
Generally, pre-approval letters are only valid for 60–90 days. That is because either your credit score or the trends in home loan rates can also alter with time. If your letter is approaching expiry, just get in touch with us and we can make a few updates to your paperwork and extend your pre-approval.
Ready to take the first step toward your Orem home?
Taking out a home loan must not be difficult or difficult. At 3 Keys Lending, we have the local knowledge and passion for quality service to help you take these steps one simple step at a time. Expect your experience to be quick, simple, and transparent.
Wondering how much of a house is within your budget? Call 3 Keys Lending Orem now to get started with an application and have your pre-approval letter in no time! We are the perfect resource for you to find your next home!
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