Raising Chances of Mortgage Pre-Approval

If you’re a potential homebuyer looking to set yourself apart from the competition, one great avenue to take is often a mortgage pre-approval. This process, which we’ve gone over in this space before, is about meeting some basic requirements and getting a general idea of what your finances will allow you to be approved for in the home loan sphere, plus showing sellers that you’re serious about making an offer.

At Altius Mortgage and our partners at Mortgage Ogden, our mortgage brokers will help you with the pre-approval process. Not everyone gets pre-approved – here are some tips for helping increase your odds of approval.


While still handling monthly expenses, trying to reduce some of your outstanding debt can go a long way. This boosts your credit score, a big factor in pre-approval, and demonstrates a positive payment history to potential lenders.

However, be sure to take a proper strategy when paying down debt. Handle delinquent accounts first to improve credit score, then move on to paying off high-interest debt next.

Credit Report Mistakes

Credit reports are not always perfect, and it’s common for minor errors to show up. Go over your report carefully, and look for any false or incorrect information. If any of this is present, correct it immediately – this will help eliminate roadblocks in the homebuying process.


Buyers will generally need to provide a few documents during the pre-approval process. These include two years of federal tax returns, two years of W2s, 30 days of pay stubs and 60 days (or a quarterly statement) of all assets in checking, savings and investment accounts. Ensure you have all this documentation in the proper places before applying for pre-approval.


If you’re considering mortgage pre-approval in the near future, try to avoid taking on new debt or opening new lines of credit. In fact, look at the reverse: Try to lower spending and stick to a slightly tighter budget.

For more on how to approach mortgage pre-approval or to find out about any of our other services, speak to the pros at Altius Mortgage today.