5 Steps to Getting Pre-Approved for a Home Loan in Arizona

If you’ve ever found the perfect house, only to have your agent ask, “Do you have a pre-approval letter?” and your heart sank, you know how that moment feels. In today’s Arizona market, that hesitation can cost you the home. We’ve had buyers call at 9:00 at night, panicking because they found the house of their dreams and had nothing in place. A home that’s perfect for you is probably perfect for someone else, too, and it can be gone by morning.

In this 200th episode of State 48 Homeowner, Scott Kooiman, real estate broker and mortgage loan originator, sits down with Steve Farrington of Mutual of Omaha Mortgage to walk through the five steps to getting fully pre-approved. And they promise you: it’s way simpler than you think.

Getting pre-approved isn’t just paperwork. It’s your golden ticket. It tells sellers you’re serious, you’re qualified, and their home isn’t going to fall out of escrow. In Arizona, especially, sellers require this. The buyers who win in competitive situations are never the ones who wait. They’re the ones who did this early, and by early, we mean right now.

Steve shared a story about a couple who found a beautiful home in Gilbert. They called on a Saturday afternoon, but it took the weekend to pull everything together. By Monday morning, the house already had three offers. They missed it by about 12 hours. If they’d called just two weeks earlier, they would’ve been ready to make an offer the day that the home hit the market.

You can watch the full video above, or feel free to skip to the topics that interest you most using the timestamps below:

00:00 — Introduction
01:19 — Why It Matters
02:36 — Step 1: Initial Conversation
03:38 — Step 2: The Application
04:39 — Step 3: Document Collection
04:51 — List of Documents
06:17 — Step 4: Underwriting
07:37 — Step 5: The Pre-Qualification Letter
08:48 — When to Get Pre-Approved
09:52 — 2 Things No One Tells You
10:07 — Truth 1: Your Offer Needs Weight
11:23 — Truth 2: Know Your Real Number
12:52 — The Run Down|
13:16 — Talk to Experts

Key Takeaways

Step one is just a conversation. Pick up the phone, talk to a mortgage professional for 15 to 20 minutes. Every buyer’s situation is different: W-2 employee, self-employed, first-time buyer, VA eligible, and that first call is where the strategy gets figured out. Steve has answered everything from “Does my student loan debt disqualify me?” to “I had a bankruptcy four years ago, am I done?” There’s almost always a path forward. You just have to start.

The application is easier than you think. It’s an online form you can fill out on your phone during a lunch break. Steve has walked people through it while they’re sitting in their car. It doesn’t have to be perfect on the first try. Things get updated as you go.

The documents are straightforward. Two years of income history, recent pay stubs covering the last 30 days, two to three months of bank statements, and a government-issued ID. Most of it can be pulled digitally now. Steve had a young first-time buyer who was super nervous and thought she wouldn’t qualify. She was pre-approved within 48 hours and is now a proud Chandler homeowner.

Underwriting is where your file gets real eyes on it. A lot of lenders only run your application through automated software. Steve’s approach is different: a real person reviews the file before a pre-approval letter is ever issued. That catches things like employment gaps or unusual deposits before you’re three weeks into escrow with a problem that could have been caught up front.

Your pre-approval letter is your credibility in print. In Arizona, this letter lays out your purchase price, loan type, down payment, and key details. A strong letter from a reputable lender moves offers to the top of the pile. We’ve had sellers choose our offer specifically because of the letter attached. It’s typically good for 90 to 120 days, and refreshing it takes almost no time.

Two things nobody tells buyers. An offer without a pre-approval letter is basically a polite suggestion. Sellers see no letter and move to the next one. In a multiple-offer situation, that letter can be the tiebreaker. And stop guessing your budget. Too many buyers fall in love with a home that’s $30,000 to $50,000 over their qualifying limit. Sometimes buyers are actually approved for more than they expected because of programs, down payment assistance, and different loan structures. Knowing your real number first changes the entire experience. You walk into an open house knowing you can write an offer on the spot.

Five steps. Initial conversation, application, document collection, underwriting, and pre-approval letter. In most cases, two business days. That could be the difference between getting the house and watching someone else move in.

Don’t wait until you fall in love with a house. Fall in love with being prepared. That’s the move.

To connect with Steve Farrington at Mutual of Omaha Mortgage, email him at sfarrington@mutualmortgage.com or call him directly at 480-215-5590.

And when you’re ready to start your home search in Arizona, we’re here to help. Visit us at klausteam.com or call us at 480-354-7344. Let’s get you into a home, not just talk about it.