Today we'll walk through the 3 pillars of your application — the foundation of every successful pre-approval.
Your credit profile is the first thing lenders evaluate — it shapes your interest rate and what loan programs you qualify for.
A score of 620+ opens most conventional options. Higher scores unlock better rates — every point matters.
- Hard Inquiries: Occur when a lender checks your credit; these stay on your report for 2 years (but only affect scores for 12 months).
- The Risk: Opening multiple accounts quickly suggests financial distress.
- What’s Safe: Checking your own credit (Soft Inquiry) never lowers your score.
- Rate Shopping: FICO recognizes "shopping" for a single mortgage or auto loan and won't penalize multiple checks within a short window.
- Key Focus: Do you pay your bills on time?
- What’s Included: Credit cards, retail accounts, installment loans, and mortgages.
- The Impact of Negatives: Collections and bankruptcies stay on reports for 7–10 years.
- Pro-Tip: Recent payments carry more weight than old mistakes. Stay current to see scores rise over time.
- High balances relative to your limits — your debt-to-credit ratio — can impact both your score and your borrowing power.
- Credit Utilization: The ratio of your balance to your total limit.
- The Goal: Lower utilization (typically under 30%) signals lower risk.
- Hidden Balances: Even if you pay in full monthly, your statement balance (not $0) is usually what is reported.
- Revolving debts: paying off these debts have bigger impacts on your score than paying down installments
The 5 Factors of Your FICO Score
The 5 Factors of Your FICO Score
Lenders need to be able to define your income as both stable and predictable
Two years of employment history and recent pay stubs are typically required.
Two years of tax returns are used to calculate your qualifying income — but if needed we can look at alternatives.
Your total monthly debts vs. gross income. Most programs require a DTI under 45% — we'll optimize yours.
Assets show lenders you have the funds to close — and that you'll have reserves left over after the deal is done.
Typically 3–25% of the purchase price, depending on loan type. We'll find the program that fits your situation and budget
The amount of closing costs is dependent on:
state
proximity to property tax due date
impounds
discount points
Funds remaining after closing — shows financial stability and is required by many loan programs.
Pre-approval is the most powerful tool you have as a buyer. It tells sellers you're serious — and it puts you in the driver's seat when the right home appears.
As your independent broker, my goal is to save you money — not charge it.
We'll review your credit, income, and assets together — usually in one quick conversation.
I shop multiple lenders on your behalf to find the program that works for your unique situation.
Let's get you pre-approved and one step closer to the keys. I'm here whenever you're ready — no pressure, just guidance.
Hi, I'm your independent mortgage broker — and that independence makes all the difference. With no bank or lender pulling the strings, I work exclusively for you: finding the best rates, reducing your costs, and keeping full control of your loan process from start to finish.