Buy smart
Get pre-approved before you tour.
A pre-approval tells you what you can borrow and shows sellers you’re ready. On Oʻahu, most sellers expect a pre-approval letter with your offer.
Pre-qualified vs. pre-approved.
They sound alike. Sellers treat them very differently.
Pre-qualified
- Based on what you tell a lender
- Few or no documents
- Good for a first look at your price range
- Carries little weight with a seller
Pre-approved
- Lender checks your credit and documents
- You get a letter with an approved amount
- Ready to send with an offer
- Good for a limited time, then it gets updated
How it works.
Most buyers finish in a few days once their documents are ready.
Gather your documents
Use the checklist below so the lender isn’t waiting on you.
Talk to a few lenders
Compare rates and fees on each Loan Estimate, not just the rate.
Lender reviews
They check credit, income, debts and savings, then set your amount.
Get your letter
Keep it current. Ask your lender how long it’s good for and update it before it expires.
Your document checklist.
Have these ready before you call.
What lenders look at.
Four things decide your number.
Credit
Your score and history. Pull your own reports first and fix errors.
Income and work
Steady income, usually two years of history. BAH can count.
Debts vs. income
Car, card and student loan payments next to what you earn.
Savings
Money for the down payment, closing costs and a cushion.
Keep it strong until closing.
- Don’t open new credit cards or loans.
- Don’t change jobs without talking to your lender first.
- Don’t move large sums without a paper trail.
- Keep paying every bill on time.
Your payment is more than the loan.
On Oʻahu it includes property tax, insurance, and on condos, HOA fees. Leasehold adds lease rent. Plan your purchase shows all of it.
General information only, not financial, tax or legal advice. Loan programs and VA rules change. Confirm the details for your situation with a licensed mortgage lender and the VA. Placyn Homes is affiliated with Daniel Ulu (RS-76778) and The Ulu Team, Keller Williams Honolulu (RB-21303).