The Pre-Approval Process

What You Need to Know

A pre-approval letter is a statement from the lender that you qualify for a specific mortgage amount based on an underwriter's review of all of your financing information (credit report, pay stubs, bank statement, assets, salary, etc.).

The benefits of a pre-approval are two-fold:

  • You’re armed with the knowledge of exactly what loan amount you can expect to be approved for, in order to shop for a home at or below that amount. 
  • When you present a pre-approval letter with your offer on a home, it shows the owner that you are serious and qualified

Your pre-approval application with Greenway only requires a soft inquiry:
A soft inquiry or "pull" is a snapshot of your credit score when it is pulled. The good thing about soft pulls is that they have no impact on your credit score and they do not generate an inquiry on your credit report. When you’re ready to move forward with an official loan application, that is when a hard inquiry (or "pull") is done. 

Keep reading below to see how Greenway Mortgage can provide you with a pre-approval in only 15 minutes!

Pre-Approval Road Map

with Rory O'Donnell of Greenway Mortgage

Gather Your Documents

In order to get pre-approved you will need to present documentation that substantiates the information you provide on your application, which may include the items listed here. Save time and avoid delays by having this information available.

  • Pay stubs –last 30 days
  • W2s –last 2 years
  • Tax Returns (in some cases)
  • Employment History
  • Bank statements 
  • Realtor contact info
  • Attorney contact info (if determined)
  • Copy of photo ID

Fill out the application

Using any device, you’ll follow the online pre-approval application’s prompts and answer basic financial and employment questions. It only takes about 15 minutes to complete your pre-approval application.

You’ll first start by creating your personal account using Rory's pre-approval link here.

You’ll then be asked to enter your basic information such as:

  • Type of loan you’re looking for (purchase/refi)
  • Provide your martial status 
  • Provide co-borrower Information
  • Provide your information, etc.

Import Your Data

Greenway's online pre-approval application streamlines the entire process. Your financial data is imported from your bank(s) to verify your income and assets, eliminating the need to supply copies of paper statements.

After answering only a few more questions on employment history, assets, liabilities, and declarations your pre-approval application will be processed and prepared. 

Your Loan Dashboard

Congratulations you’ve completed the pre-approval application! Easy, right? 

You’ll now be directed inside your loan dashboard where you have the ability to upload any important documents that may be needed. Your loan officer will promptly send your pre-approval letter.

Need Help? 

No worries! You can simply send your loan officer a message directly through your loan dashboard. They'll be notified of your message and get back to you as soon as possible to answer any questions or concerns you have. 

Get the full road map here.

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Common Questions

Why should I get pre-approved for a mortgage loan?
In recent years, mortgage guidelines have been tightened. Documentation requirements have been expanded and followed more closely. A pre-approval gets you through the process and uncovers potential pitfalls long before you become obligated by a contract to purchase.

What advantages will I have once pre-approved?
You'll be certain about the price range that's best for you. You'll know how much cash you'll need to close, and you'll know your maximum monthly payment. Understanding your limits will help you negotiate with confidence. Plus, since sellers like a sure thing, you'll have an advantage over buyers who may not have been through the process.

How long is the pre-approval valid?
Your pre-approval is typically good for the "shelf life" of the documents used. These will include a credit report, pay stubs, bank statements, W2s, tax returns, etc. The usable life of these documents will vary, yet it's usually safe to say that your approval is good for up to 3 or 4 months. During this time, it pays to file all important financial documents so they're readily available for future updates.

What if I change my mind?
That's perfectly fine. There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. In fact, pre-approval simply helps to assure you know exactly what's involved, that you are comfortable in a particular price range and that you are truly ready to make your move. 

Rory O’Donnell
Branch Manager | NMLS#150888


Greenway Mortgage
30 Glenn Street Suite 407
White Plains, New York 10603

Cell: 914-497-7165
Office: 914-358-9933 x102
Fax: 914-517-5996

Email: rodonnell@greenwaymortgage.com
Web: rodonnell.greenwaymortgage.com
Instagram: @rory.odonnell.mortgage
Facebook: @RoryOdonnellMortgage

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About Greenway Mortgage

Greenway Mortgage is a full-service, direct mortgage lender that is committed to its clients as well as to the environment. Simply put, we combine the future of mortgage lending technology with the traditional service and experience you deserve.  Our mission is to provide our customers with a lending experience that is second to none all while promoting green initiatives, employ policies focused on preserving the environment and remain active and respected in the communities we serve. We are committed to helping our clients with everything from selecting the right loan product to smooth closings with in-house underwriting and processing. Our experienced, expert professionals provide exceptional service and peace of mind, whether you’re a first-time home buyer or a seasoned homeowner. Our entire process, from pre-approval through funding, is done locally resulting in a smooth and timely closing! We’ll help you select a loan tailored to meet your unique set of circumstances. Experience the difference!

Greenway Mortgage Funding Corp | 107 Tindall Road, Middletown, NJ 07748 | NMLS#374480 | GreenwayMortgage.com | 888-616-9885

The information contained in this guide is provided for informational purposes only, and should not be construed as legal advice. Please consult your lender for specifics. Licensed Mortgage Banker NJ Dept. of Banking and Insurance. Licensed Mortgage Banker NYS Dept. of Financial Services. Licensed by the PA Dept. of Banking and Securities. Licensed by the FL Office of Financial Regulation. Licensed CT Mortgage Lender. For complete licensing information go to www.nmlsconsumeraccess.org. Equal Opportunity Lender.

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