🏡 How to Get Pre-Approved for a Mortgage in Sioux Falls — Step-by-Step Guide
By Jeff Younger — Borrow Smart Mortgage Services
If you’re thinking about buying a home in Sioux Falls, South Dakota, one of the smartest things you can do is get pre-approved for a mortgage before you start house hunting.
Pre-approval not only shows sellers you’re serious, but it also helps you understand exactly how much home you can afford — saving you time, stress, and surprises later.
As a local mortgage expert at Borrow Smart Mortgage Services, I’ll walk you through the simple steps to get pre-approved and explain what to expect along the way.
1. Check Your Credit Score and Report
Your credit score is one of the first things lenders look at when determining your mortgage eligibility.
Here’s what to do:
Review your credit report for accuracy (use free annual reports).
Pay down existing debt if possible.
Avoid opening new credit accounts before applying.
Even if your score isn’t perfect, don’t worry — there are great loan options like FHA or SDHDA-backed programs that allow lower credit scores.
2. Gather Your Financial Documents
To get pre-approved, you’ll need to provide basic financial information so we can verify your income, employment, and debt.
Common documents include:
Recent pay stubs (30 days)
W-2 forms or tax returns (2 years)
Bank statements (2 months)
ID and proof of residence
Employment verification
Having these ready will make the pre-approval process faster and smoother.
3. Talk with Jeff Younger
Instead of applying online with a big bank, talk with a local Sioux Falls mortgage broker who understands the market.
Working with someone local — like Borrow Smart Mortgage Services — means you’ll get access to more loan programs, competitive rates, and personalized service.
We’ll help you compare FHA, VA, USDA, and Conventional options, plus local South Dakota Housing Development Authority (SDHDA) programs that could save you money.
4. Complete Your Pre-Approval Application
Once your documents are ready, your lender will review your income, credit, and debt-to-income ratio.
This process usually takes 24 to 48 hours and results in a pre-approval letter — your official green light to start shopping for homes.
💡 Tip: A pre-approval letter makes your offer stand out to sellers in a competitive Sioux Falls housing market.
5. Understand Your Budget and Payment Range
During pre-approval, you’ll learn how much home you can afford, what your estimated monthly payment will be, and what type of loan fits your goals.
Your loan officer can show you how factors like interest rate, down payment, and loan term affect your monthly payment — so you can make confident, informed decisions.
6. Stay Mortgage-Ready Until You Buy
After you’re pre-approved, avoid big financial changes until closing. That means:
Don’t make large purchases or new loans.
Keep paying bills on time.
Don’t change jobs or deposit unexplained cash.
Staying consistent helps ensure your final approval goes smoothly.
Why Pre-Approval Matters in Sioux Falls
In today’s Sioux Falls market, homes sell fast — and sellers want to work with serious buyers.
Getting pre-approved shows that you’re financially ready, making your offer more attractive and increasing your chances of landing your dream home.
Ready to Get Pre-Approved?
Getting pre-approved is quick and easy with Borrow Smart Mortgage Services Powered By Nationwide Loans. Whether you’re a first-time buyer or upgrading, I’ll help you find the best loan options and guide you every step of the way.
📞 Call or Text: 605-982-7947
👉Schedule a Free Mortgage Consultation
🌐Visit:Jeff Younger Borrow Smart Mortgages Powered by Nationwide Loans
Let’s get you one step closer to homeownership in Sioux Falls.
