How to Get Pre-Approved for a Mortgage in Phoenix: 5 Steps to Success
Want to buy a home in Phoenix in 2025?
Before you start scrolling through listings or booking showings, there’s one golden step you must take first: Get pre-approved for a mortgage.
This guide will show you the 5 simple steps to get that pre-approval—and why it matters more than ever in today’s market.
🚦 Why Pre-Approval = Your VIP Pass
Right now, Phoenix homes are still selling fast and mortgage rates are hovering around 6.8% to 7%. That means:
✅ Sellers want serious buyers only
✅ You need to know exactly how much you can afford
✅ Time is money—pre-approval speeds things up
Without it? You’re just window shopping. 🪟
✅ Step 1: Check Your Money Health 💰
Before you apply, take a peek at your finances:
Credit Score: 620+ is best, but some loans go as low as 500
Debt-to-Income Ratio: Try to keep your monthly debts under 43% of your income
Savings: You’ll need money for your down payment, closing costs, and emergencies
📄 Gather docs like pay stubs, tax returns, and bank statements to show your lender you’re ready.
💪 Step 2: Build a Strong Borrower Profile
Want better loan terms or a bigger approval? Do this:
Pay bills on time
Lower your credit card balances
Avoid opening new credit cards or loans
Stack some savings for your down payment & backup cash
💡 Bonus tip: You might qualify for Arizona's down payment help programs like HOME+PLUS, which can give you 4–5% in assistance.
🏦 Step 3: Shop for the Right Lender
Don’t just go with your bank. Compare at least 3 lenders to find the best rate and terms.
Look at:
Interest rates
Fees
Loan types (FHA, VA, Conventional)
Reputation & speed
📱 Most pre-approvals can be done online in under 30 minutes!
🧾 Step 4: Get & Understand Your Pre-Approval Letter
Your letter will tell you:
How much house you can afford
Your estimated rate (not locked yet)
The type of loan (FHA? VA? Conventional?)
The expiration date (usually 30–90 days)
⚠️ Reminder: Pre-approval is not final approval. Don’t go wild with your credit or change jobs just yet!
🛡️ Step 5: Protect Your Approval
Now that you're pre-approved, keep your money situation steady. DO NOT:
🚫 Open new credit cards
🚫 Buy a car or take out loans
🚫 Make large, unexplained deposits
🚫 Miss payments
✅ DO tell your lender if anything changes (like your job or income).
🔑 Final Thoughts: This is Your First Big Step
Getting pre-approved is your key to homeownership in Phoenix. It shows sellers you’re serious, helps you move fast, and gives you peace of mind knowing exactly what you can afford.
🎯 Ready to get started?
Click here to connect with a trusted local lender or schedule your home buying game plan with a real estate pro who knows Phoenix inside and out.
Still have questions? Let’s chat! I help first-time buyers navigate this process every day.
📩 Message me to start your journey to owning a home in Phoenix!
