10 Steps to Get Mortgage-Ready

Buying a HomeFinancingReal Estate Education
Written By Shelise Murray
Banner image for Shelise Murray’s Pre-Approval Checklist blog post. Happy couple hugging in new home with moving boxes, text reads ‘Your Essential Pre-Approval Checklist – Get Mortgage-Ready Before You Fall in Love With a Home.’

Before you fall in love with a home, make sure you’re mortgage-ready. Shelise Murray, Works Real Estate, shares the essential pre-approval checklist every Central Oregon homebuyer should know.

You’ve been scrolling listings, dreaming up paint colors, and picturing life in your new home — but before you book your first showing, there’s one powerful step that sets serious buyers apart: mortgage pre-approval.

Getting pre-approved is more than just a formality. It’s your financial green light, showing sellers you’re ready, qualified, and confident in your purchase power. In a competitive market like Central Oregon, that kind of clarity can make all the difference.

What Is Mortgage Pre-Approval (and Why It Matters)

Pre-approval is when a lender reviews your finances — income, assets, debts, and credit — to determine how much they’re willing to lend you. Unlike a quick pre-qualification, a pre-approval involves verified documentation. That means real numbers and stronger negotiating power when it’s time to make an offer.

Think of it as your financial foundation — you’ll know exactly what you can afford before you fall in love with a home outside your budget.

nfographic showing Shelise Murray’s step-by-step home financing guide — check credit, gather documents, meet lender, and start your journey. Works Real Estate branding.

The Ultimate Pre-Approval Checklist

Here’s what you’ll need to gather and review before applying:

1. Check Your Credit

2. Gather Income Verification

  • Most recent pay stubs (30 days)

  • W-2s or 1099s from the last two years

  • Employment verification or a letter from your employer

  • If self-employed, include two years of tax returns and profit/loss statements.

3. Collect Asset Documentation

  • Two to three months of bank statements (checking, savings, and investments)

  • Proof of down payment funds and any large deposits

  • A gift letter if funds are being gifted by family.

4. List Your Debts

5. Provide Identification & Residency Docs

  • Driver’s license or government ID

  • Social Security card

  • Proof of current address (utility bill, lease, etc.)

6. Plan for Down Payment & Closing Costs

  • Typical down payments range from 3%–20% depending on your loan type.

  • Don’t forget closing costs, usually 2%–5% of the purchase price.

  • Ask about Oregon down payment assistance programs — there are some great local options!

7. Choose the Right Lender or Mortgage Broker

  • Not all lenders are created equal — some move faster, communicate better, or specialize in local programs.

  • I always encourage my buyers to compare rates, loan options, and overall service experience.

8. Avoid Major Financial Changes

Once you’re pre-approved, don’t open new credit cards, finance a car, or switch jobs until after closing. Lenders re-verify your financial stability before funding the loan.

Pro Tips to Strengthen Your Pre-Approval

  • Pay off small revolving balances to lower your DTI.

  • Keep your savings consistent — lenders like to see stability.

  • Ask your lender for a “what if” scenario: small changes can bump your buying power.

  • Have your realtor (that’s me!) connect you with trusted Central Oregon lenders who move fast and communicate clearly.

Common Mistakes to Avoid

  • Submitting incomplete documentation — it slows everything down.

  • Overestimating your income, especially if you’re self-employed.

  • Assuming your pre-approval lasts forever — most expire after 60–90 days.

What Happens After Pre-Approval

Once you’re pre-approved, the fun begins! You’ll have a clear price range, a competitive edge, and the confidence to make a strong offer when the right home comes along.

From there, I’ll help you refine your search, tour homes that match your goals, and navigate the offer and negotiation process with clarity and care.

Final Thoughts

Buying a home is one of life’s biggest transitions — and preparation turns that process from stressful to empowering. A well-organized pre-approval is the first step toward making your next move the best one yet.

If you’re ready to start your pre-approval journey, I’d love to connect you with one of my trusted local lenders and map out your path to homeownership in Bend and beyond!

Let’s get you ready to move with confidence

Shelise Murray