# Mortgage Pre-Approval

Mortgage Pre-Approval in Tempe: What to Expect + Checklist

If you’re searching for mortgage pre-approval in Tempe, AZ, you likely want quick answers so you can shop with confidence and make stronger offers. Pre-approval shows your real buying power, organizes your paperwork, and helps you avoid last-minute issues that could delay closing.

This guide will show you what to expect, what you’ll need, and the checklist I recommend for buyers in Tempe, AZ, and the Phoenix Metro area.

The Quick Answer

A mortgage pre-approval is a lender’s written confirmation that you qualify for a loan amount, based on your income, assets, credit, and documents. It’s more thorough than a quick estimate or online calculator, and it helps sellers take your offer seriously.

Pre-approval is stronger than pre-qualification (it’s documentation-based).
You’ll submit income/asset documents up front, not “later.”
Your credit is reviewed, and your numbers (DTI/LTV) are validated.
You’ll get a letter you can use with offers—often tailored to the home price.
The goal is fewer surprises after you’re under contract.

Step 1: Get the Right Starting Point

Before discussing rates or monthly payments, it’s important to have clear and accurate information. Your income, debts, and funds for closing should be well documented so your pre-approval is based on real numbers, not just best-case guesses.

The quickest way to get started is to gather the documents below. Then, we can match them with the best loan options for your timeline and goals.

Pre-Approval Checklist (documents to gather):

Last 2 pay stubs (or most recent 30 days)
Last 2 years of W-2s (or 1099s if applicable)
Last 2 years of tax returns (helpful for variable income/self-employed)
Last 2 months of bank statements (all pages)
Photo ID (driver’s license)
A quick list of monthly debts (auto, student loans, credit cards, etc.)
Optional: proof of gift funds or retirement funds (if you’ll use them)

If you want to see the loan options we commonly use for purchases, start here: home mortgage loans

Step 2: What Lenders Look For

After you submit your documents, approval depends on a few key factors. This is where a good mortgage loan officer in Tempe, AZ can help, since small details like how income is counted, how debts are calculated, and which funds are allowed can make a big difference.

Here’s what’s typically reviewed:

Credit profile: score range, payment history, and major derogatory items
DTI (Debt-to-Income): how your monthly debts compare to your monthly income
Income stability: employment type, overtime/bonus, self-employment rules
Assets: funds for down payment, closing costs, and reserves (if needed)
Documentation: clean statements, clear paper trail, and consistent info

Timeline expectations (typical):

If documents are complete, pre-approval can move quickly.
If income is complex (e.g., commission or self-employed), plan for more back-and-forth.
The more organized your paperwork is, the smoother the process will be, especially after you’re under contract.

Step 3: The Numbers That Actually Move the Outcome

Pre-approval isn’t just about how much you can borrow. It also covers what makes the loan work, like your comfort with payments, approval limits, and what you’ll need at closing.

The numbers that matter most:

DTI (Debt-to-Income): approval + pricing sensitivity
Cash to close: down payment + closing costs + reserves (if required)
LTV (Loan-to-Value): down payment size and/or equity position
Monthly payment: principal + interest + taxes/insurance + HOA (if any)

Simple example (easy math):

Scenario: You earn $9,000/month gross and have $900/month in monthly debt.
If your new housing payment is $2,700/month, your total monthly debt becomes $3,600/month.
That’s 40% DTI ($3,600 ÷ $9,000).
Why this matters: Your DTI affects the strength of your approval and can influence which loan options are best for you.

Common Mistakes

Most pre-approvals don’t fail because of one big issue. They usually fall apart because of small changes that affect your numbers during the process. Here’s what to watch out for.

Making a major purchase (car, furniture) → pause big purchases until after closing
Opening or closing credit accounts → keep your credit profile steady
Moving money between accounts with no paper trail → keep funds traceable and documented
Relying on “estimated” income → use documentable income, not optimistic projections
Forgetting HOA dues on condos/townhomes → include HOA early in payment planning
Waiting to disclose side income/self-employment → discuss it early so it’s counted correctly
Treating pre-qualification like pre-approval → get documentation-based approval before shopping seriously

Tempe + Phoenix Metro Note

In Tempe and the Phoenix Metro area, strong pre-approval is important because homes can sell quickly. Some property types, like condos with HOA requirements or homes needing special appraisals, can add extra steps. A solid pre-approval helps you move fast and keeps your contract on track once you’re under contract.

If down payment is your biggest obstacle, start here: Down Payment Assistance

Quick Checklist: What to Do This Week

Use this as your “7-day plan” to get ready.

Pull your documents (pay stubs, W-2s, bank statements, ID)
List all monthly debts (minimum payments included)
Decide your comfort range: “ideal payment” and “max payment.”
Avoid new credit inquiries and large purchases
If you’ve moved money recently, write down why and where it came from
If you’re using gift funds, confirm the amount and source
If you’re looking at condos, plan to include HOA dues in your budget
Schedule a pre-approval review so your numbers are verified, not guessed
Ask for a pre-approval letter that can be tailored to the offer price when needed

Work with the Best

There’s a lot of noise online, like quick quotes, generic calculators, and promises of easy approval. But when you’re making one of the biggest financial decisions of your life, clear information is more valuable than hype. My job is to help you understand your options, get prepared, and move through the process with confidence.

If you want a quick, no-pressure plan for your situation, contact our team.

First-Time Homebuyer, Mortgage Pre-Approval, Phoenix Metro, Tempe AZ

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Loan Officer – Justin Toenjes – LO Licensing: AZ-0912116, CO-100032832 | NMLS-167048 — Company Licensing: Peoples Mortgage Company, A DBA of Moria Development, Inc. AZ-0904164, CO – Regulated by the Division of Real Estate | NMLS-6274

LO Licensing: Kathi Alosi, AZ LO-0914249 NMLS-259189
Peoples Mortgage – 11201 N Tatum Blvd, Suite 140, Phoenix, AZ 85028

Company Licensing: Peoples Mortgage Company, A DBA of Moria Development, Inc. AZ 0904164 California – RMLA4130661, Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act : www.peoplesmortgage.com/privacy-policy CO, Regulated by the Division of Real Estate FL-MLD1223 ID – MBL-2080006274 NV-4200 TX peoplesmortgage.com/license NMLS-6274