How to Get Pre-Approved for a Mortgage in Durango: A Step-by-Step Checklist

A pre-approval tells you, and the sellers you make offers to, how much you can borrow before you start touring homes. In Durango’s market, where good listings can move quickly, having one in hand before you shop can make the difference. Here is what the process looks like and what to gather.

Pre-qualification vs. pre-approval

A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval goes further: your income, assets and credit are actually reviewed, so the number is much more reliable. Most listing agents in La Plata County will want to see a pre-approval letter with your offer.

Documents to gather

• Pay stubs covering the last 30 days
• W-2s for the last two years (or 1099s if you’re a contractor)
• Two years of personal and business tax returns if you’re self-employed
• Two months of bank and investment statements
• A photo ID
• For VA loans, your Certificate of Eligibility (we can usually request it for you)

The steps

1. Have a short conversation. We talk through your goals, budget, timeline and which loan types may fit: conventional, FHA, VA, USDA or jumbo.
2. Apply. You complete an application online or with us by phone, and authorize a credit check.
3. Document review. We review your income, assets and credit and flag anything that could cause problems later.
4. Pre-approval letter. You receive a letter showing the loan amount you’re approved for, which your agent can include with offers.

Tips that help

• Avoid opening new credit cards or financing large purchases until after closing.
• Don’t move large sums between accounts without keeping a paper trail.
• If you’re self-employed or have seasonal income, which is common in Durango, talk to us early so we can structure the file correctly.

Ready to start? Call Peter at (970) 828-1610 or read more about working with a local Durango mortgage broker.

Animas Mountain Mortgage Inc. NMLS #1742747 | Peter Pritchard NMLS #404172 | CO License #100009365 | Equal Housing Opportunity. This is not a commitment to lend. All loans subject to credit approval.