Phoenix Mortgage Lender

Aerial view near Camelback Mountain

The Potempa Team is a highly credible phoenix mortgage lender that provides you with all facts and numbers to help you make an informed decision with buying a house. We offer different types of loans based on your earning capacity and requirements. Call us today for a consultation.

Do mortgage pre-approvals affect credit score?

Making credit inquiries frequently can affect your credit score. You can lose as much as five points for a single inquiry that is followed by request for credit. Loan preapproval is a “hard” inquiry, and requesting for a preapproval will reduce your credit score and show up on your credit report.

For loan preapprovals, we recommend that you all make all your inquiries to different lenders within 45 days. This is because all the inquiries you make will be lumped together and counted negatively only once every forty-five days. This way, you can apply for pre-approval to several lenders without worrying about losing credit score. Get in touch with our mortgage experts today to request a loan preapproval.

How long does it take to get pre-approved for a mortgage?

We are the only Phoenix mortgage lender to complete the pre-approval process within one to two days. If you are pre-approved, we will send you a pre-approval letter stating that a lender already verifies your assets. This letter is usually valid for ninety days.

If you are applying for mortgage past the validity period, you can update it with re-verification of information. Once our clients are preapproved, we process a buyer’s mortgage within 30-40 days of application. For more questions on mortgage, credit score, and preapprovals, get in touch with our team today.

Things you need to get pre-approved for a mortgage

We make sure that our clients find the preapproval process smooth and straightforward. However, we will need the following documentation from you for the preapproval process:

  • Income Information – We need your pay stubs, W-2s from last two years, tax returns papers, and other documents that act as evidence for income from other sources. These include a second job or income received from overtime, bonuses, and commissions. We will also need documents validating types of income like interest and dividend, VA, social security payments, retirement benefits, child support, and alimony.
  • Asset Information – Besides your income information, we will also need you to submit information about your assets. For this purpose, we will need your bank account statements and other documentation of your investments, if any.
  • Personal Information – We will need a personal ID. You can give us your driver’s license or passport along with your social security number to check your credit score.

Your search for an affordable phoenix mortgage lender ends here! The Potempa Team has served over thousands of clients over its 25 years of experience. We render a wide range of mortgage services from pre-approval and conventional loans to VA and Jumbo loans. Call us today to get started.

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