---
title: "Home Loan Pre-Approval: How to get a head start in today's market"
description: One way to have an edge in Denver's competitive home buying market is to get home loan pre-approval. How? We can help!
---

[On Tap Blog ](https://blog.ontapcu.org)

# [Home Loan Pre-Approval: How to get a head start in today's market](https://blog.ontapcu.org/home-loan-pre-approval-how-to-get-a-head-start-in-todays-market)

 Written by [On Tap Credit Union Staff](https://blog.ontapcu.org/author/on-tap-credit-union-staff) | May 14, 2021 10:46:26 PM

One way to have an edge in Denver's competitive home buying market is to get home loan pre-approval. How? We can help!

 

What is home loan pre-approval?

First, let us explain what pre-approval is. Basically, being pre-approved on a home loan means a lender (like On Tap Credit Union) has agreed to let you borrow up to a certain amount for a home. It also determines what interest rate you qualify for. This pre-approval letter is good for 60-90 days, which means you have that amount of time to make an offer on a home at those terms.

 

Why should I get pre-approved?

There are many reasons why it's a good idea to get home loan pre-approval. First, it helps narrow your home search, because you'll know exactly how much home you can afford. Second, it helps you stand out in a sea of homebuyers in this competitive market. It shows how serious you are about buying. It means a bank has already confirmed your information, and that you've already started the mortgage process. Finally, sellers will be more likely to accept an offer when you're pre-approved because you're already a step ahead in the process.

 

<https://www.ontapcu.org/personal/borrow/mortgages>

 

How do I get pre-approved for a home loan?

Luckily, getting pre-approved for a mortgage is easier than you might think! To begin, a lender will take a look at your financial health. This will determine what type of loan you qualify for and how much you can borrow. First, you'll need to provide a few pieces of information. For example, employment verification, pay stubs, a driver's license, and social security number are all needed. Next, the lender will work to better understand your finances using your credit history, debt-to-income ratio, and proof of assets. Finally, the lender will determine how much you qualify to borrow (a process called underwriting). Then you'll get a letter from them outlining all the details. After you have that letter, you can begin the home search!

 

Get your home loan pre-approval with On-Tap

In addition to walking you through the steps of pre-approval in more detail, we would be glad to help you get the process started! [Contact us today](https://www.ontapcu.org/about-us/contact-us) to learn more.

 

Looking For More Great Tips?  
[Download Our Free Homebuyers Guide Here](https://info.ontapcu.org/new-homebuyers-guide)

<https://info.ontapcu.org/new-homebuyers-guide>

[View full post](https://blog.ontapcu.org/home-loan-pre-approval-how-to-get-a-head-start-in-todays-market)

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