PHX Home LoanParent company

Getting Approved

Everything between deciding to buy and holding an approval letter: pre-qualification versus pre-approval, the documents lenders ask for, how credit is evaluated, and what makes an application strong. Start here if you want to know where you stand before you shop.

Posts in Getting Approved

Showing 1–8 of 8 posts

how to apply for a mortgage
Getting Approved

How To Apply For A Mortgage: Everything You Need To Buy A Home

Most of us dream of being able to buy a home we love and spend years saving up enough money to make this dream a reality. But with so few resources available to help guide you through the mortgage application process, it’s easy to become overwhelmed by the amount of paperwork and documentation required to secure your home loan. Not only that, but failing to have the proper information ready before you apply for your mortgage can drastically slow down the application process and force you to miss out on the home of your dreams. Today, we’re breaking down everything you need for a smooth mortgage application process, so that you can take the first steps toward homeownership fast.

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pre-qualified vs pre-approved
Getting Approved

Pre-Qualified Vs. Pre-Approved: Which Do You Need To Buy A Home?

You call your agent to make an offer before your dream home can slip away, but are left scrambling to get a pre-approval letter from your preferred lender as more prospective buyers begin bidding on your home. Sounds like every buyer's worst nightmare, right? The bad news is that this scenario plays out nearly every day. The good news is that there’s a simple way to avoid this competitive market fiasco altogether. With a pre-qualification or pre-approval letter, you can show potential sellers that you have the funds necessary to buy a home, and increase your chances of landing the property of your dreams. But first, it’s important to remember that pre-qualification and pre-approval are not the same things. Here’s what you need to know to ensure that your application process goes smoothly and effectively…

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Rent reporting concept.
Getting Approved

How to Use Rent Reporting to Build Credit

Rent reporting can improve your credit score. As a renter, you might have been making regular payments for years. These unfortunately won’t usually show up on your credit report unless you set it up.

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Discussing a home loan application.
Getting Approved

Are Home Loans Becoming Harder to Get?

Low mortgage rates and stabilizing housing prices make this the ideal time to start looking for a new home. The time may be ripe for buying a house, but some homebuyers face challenges with getting a home loan.

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Couple planning to buy a house.
Getting Approved

How to be an ‘Ideal Borrower’ for a Mortgage Lender

Homebuyers can position themselves for getting the best interest rates on their new mortgage by taking steps that demonstrate their financial responsibility. The ideal borrower for a mortgage lender is proactive about doing the right things to secure their loan. These steps will help anyone stand out when they are ready to apply

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Home buyers signing mortgage documents.
Getting Approved

Do’s and Don’ts During the Mortgage Process

So you are getting ready to purchase a home? Awesome! Okay, now you might be freaking out over the mortgage process because you’ve probably heard a dozen horror stories from close friends, Uncle Joe, your Cousin Rob and of course…Mom and Dad.

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Loan officer discussing reasons of mortgage rejection
Getting Approved

The 5 Reasons for Mortgage Rejection After Pre-Approval

You’re in the process of buying a home. You’ve done your due diligence and everything looks great for you. Now, all of a sudden, your mortgage loan was denied even though you were pre-approved.

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Home loan mortgage document.
Getting Approved

Home Loan Mortgage Documentation Requirements

When you’re in the process of seeking a loan, there are several pieces of mortgage documentation that will be required. The complete list of requirements is slightly different from one person to the next. Nevertheless, there are some universal pieces of documentation that are required for all mortgage applicants.

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