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Pre-Approval Bootcamp

3-Day Mortgage Pre-Approval Bootcamp

Buying your first home in the San Francisco Bay Area is a big milestone — and with high prices and fierce competition, it can feel like a mountain. This bootcamp breaks the pre-approval process into friendly steps so you can move forward with confidence.

Know Your Numbers

Before talking to lenders, it helps to understand your current financial picture. Many first-time buyers feel intimidated by credit reports and debt ratios, so today we’ll simplify things.

Check your credit score and reports. If you already know your score, great! A lot of credit cards and banking apps already provide this information. If not, you can get free reports from AnnualCreditReport.com. Look for errors (wrong accounts or late payments) and dispute them if needed.
Calculate your debt-to-income (DTI) ratio. This can be confusing, so the most important thing is to know your minimum monthly debt payments (student loans, car loans, credit cards).
List your savings and assets. Include checking, savings, investment, and retirement accounts – anywhere you keep your money.
Think about your monthly comfort zone. A common rule of thumb is to keep total housing costs (mortgage, taxes, insurance, HOA) around 30% of your gross monthly income. Bay Area homes are expensive, so you may have to stretch to the limit, but a good lender won’t let you get in over your head.

Check-in: “I know my credit score, DTI, and savings.”

Budget & Down-Payment Plan

Create a simple budget and decide how much you can comfortably put toward a down payment. Most first-time buyers put down an average of 3% to 20%.

Estimate how much house you can afford. What’s your comfort zone? How much can you comfortably afford each month? Write down a range you feel good about to discuss with your lender.
Set a down-payment target. A higher down payment reduces your monthly payment and may eliminate mortgage insurance.
Plan for closing costs. Closing costs (fees, taxes, insurance) often add 1–3% of the purchase price. Note this in your budget so you’re not surprised later.

Check-in: “I have a realistic price range and savings plan.”

Gather Your Documents

Lenders ask for documentation to verify your income, assets, and identity. Collecting these early reduces stress later.

Use this checklist and tick items as you gather them:

Pay stubs covering the last 30 days
W-2 forms for the past two years (or 1099s if self-employed)
Federal tax returns (past two years)
Bank statements for the last two months (checking and savings)
Retirement and investment account statements (401(k), IRA, stocks)
Proof of any additional income (bonuses, child support, side jobs)
Rental history or landlord contact information (if applicable)

If you are receiving a gift from a family member, be sure to let your lender know! They will walk you through that process.

Keep digital copies in a folder named “Mortgage Pre-Approval” so you can upload them quickly when applying.

Check-in: “My documents are organized and ready.”

Shop for Lenders

Talking to multiple lenders can save you thousands over the life of your loan. Aim for at least three days to compare rates and fees.

Ask friends, family, and your agent for lender recommendations. Look for responsiveness and clear communication — a supportive team matters as much as numbers.
Compare offers using these questions:
- What is the interest rate and annual percentage rate (APR)?
- Are there points or origination fees? If so, how much?
- What are the estimated closing costs?
- Is there a prepayment penalty?
- How long is the rate lock? (Typically 30–60 days.)

Pick your top lender. Choose the combination of good terms and personal rapport.

Remember: lenders earn your business — you can say no without guilt.

Check-in:“I have compared offers and feel comfortable choosing a lender.”

Submit Your Pre-Approval Application

Today you’ll formally apply with your chosen lender.

Fill out the application online or in person.
Authorize a credit check. The lender will pull your credit reports. Multiple mortgage inquiries within a 30-day window count as a single inquiry on your score, so don’t worry about the comparisons from yesterday.
Respond quickly to any follow-up requests. Underwriters may ask for explanations (e.g., large deposits or credit inquiries).
Avoid new debts or big purchases. Don’t open new credit cards, finance a car, or move large sums of money until you receive the keys to your new home — these actions could affect your approval.

Shortly after you’ve submitted your application, your lender should issue a pre-approval letter stating the loan amount you’re qualified for, subject to final underwriting and property appraisal.

Check-in: “I have submitted my application and understand the process.”

Next Steps

You made it! Today is about understanding your pre-approval letter and preparing for the home search.

Read your pre-approval letter carefully. Note the approved loan amount, estimated interest rate, and any conditions (e.g., “subject to verification of income” or “valid for 90 days”).
Share the letter with your Real Estate Agent. Having a pre-approval shows sellers you’re serious and can strengthen your offer in competitive situations. It doesn’t commit you to that lender — you can still compare again when you’re under contract.
Keep your financial documents updated. Save new pay stubs and bank statements. Pre-approvals typically expire in 60–90 days, so refresh if necessary.

Thank You!

This guide is meant to empower, not pressure. Take your time and ask questions. Buying a home is a journey, and you deserve support and compassion every step of the way.