How to Get Pre-Approved for a Mortgage in Seattle: A Step-by-Step Guide

How to Get Pre-Approved for a Mortgage in Seattle: A Step-by-Step Guide

Thinking about buying a home in Seattle or the surrounding King and Snohomish Counties? One of the first things I always recommend to my buyers is getting pre-approved for a mortgage. It’s a crucial step that not only helps you understand your budget but also shows sellers that you’re a serious, qualified buyer. Here’s a simple step-by-step guide to getting pre-approved in Seattle.

1. Check Your Credit Score

Your credit score plays a big role in what mortgage options and interest rates you’ll qualify for. You’re entitled to a free annual credit report from each of the major credit bureaus—Equifax, Experian, and TransUnion. I always advise checking these reports early in the process to make sure everything is accurate. If you spot any errors, correct them as soon as possible since mistakes can impact your loan approval and interest rate.

2. Gather Your Financial Documents

Lenders will want to see proof of your income, assets, and debts. To make the process smooth, I recommend gathering these documents before reaching out to lenders:

• W-2 forms or tax returns (typically for the past two years)

• Recent pay stubs

• Bank statements

• Asset statements (401(k), investment accounts, etc.)

• Documentation for any other sources of income

Having these ready shows lenders that you’re organized and prepared—something they appreciate when assessing your application.

3. Shop Around for Lenders

Seattle’s real estate market is competitive, and mortgage rates can vary between lenders. I always suggest talking to a few different lenders, including local banks, credit unions, and mortgage brokers, to compare:

• Interest rates

• Loan terms (e.g., 15-year vs. 30-year)

• Closing costs and fees

Even a small difference in interest rates can have a big impact on your monthly payments and the total amount of interest you pay over the life of your loan.

4. Submit Your Application

Once you’ve found a lender you’re comfortable with, you’ll need to complete a mortgage application. This will include:

• Personal details

• Income and employment history

• Outstanding debts

• Property details (if you’ve already found a home)

At this point, you’ll also provide the financial documents you gathered in Step 2. The lender will review your creditworthiness and assess how much they’re willing to lend.

5. Await the Lender’s Decision

The lender will verify your information, run a credit check, and determine your pre-approval amount. If everything looks good, you’ll receive a pre-approval letter stating how much you’re qualified to borrow, your likely interest rate, and any conditions you need to meet before closing.

6. Use Your Pre-Approval to Strengthen Your Offer

In Seattle’s competitive housing market, having a pre-approval letter can make all the difference. When I submit offers for my clients, I always include the pre-approval letter because it reassures sellers that financing won’t be an issue. In a multiple-offer situation, this can give you a real edge over buyers who haven’t taken this step yet.

7. Keep in Touch With Your Lender

Most pre-approvals last 60–90 days, so if you don’t find a home within that timeframe, you may need to update it. Also, avoid making big financial changes—like major purchases or changing jobs—while you’re house hunting, as these can impact your credit and debt-to-income ratio.

By following these steps, you’ll be well-prepared to buy a home with confidence. If you have any questions or need guidance on navigating Seattle’s housing market, I’m here to help. Let’s find you the right home and get you through the process smoothly!

Joe Sheldon, Real Estate Broker

Designed Realty

Phone: (206) 751-2223

Email: [email protected]