How do I get Pre-Approved for a Mortgage Loan??

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the amount of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, knowing your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the My Home section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

Ready to get started??? — Click here to start the application

Here is a look at the Items Needed to get Pre Approved

• Your Social Security card

• Copy of applicant and co-applicant ID’s

• Current pay stubs, previous 30 day period (please send each New one as you get them until your home loan is closed)

• Your tax returns for the past 2 years

• W-2 statements for past 2 years

• Bank statements for the past 2 months (All Pages, and please send each New one as you get them until your home loanis closed)

• Investment account statements for the past 2 months

• Retirement account statements for the past 2 months

 

 

If you currently own Real Estate:

• Mortgage account information

• Home insurance policy information

• Home equity account information (if applicable)

 

 

***NOTE***

• Large deposits must be sourced and documented. Large deposits as: Any deposit exceeding 25% of the borrower’s income.

• Letter of Explanation for new mortgages: If the borrower applied with another lender for the subject property purchase or refinance, or to refinance another property, bank will require evidence that application is cancelled or withdrawn from the other lender.

• When emailing information PDF format is preferred.

• Throughout the loan process we will need updated information so please send new pay/bank/ect. as received…

• Do not apply for any new credit until your loan has closed.

• Do not make any large purchases on credit cards or any lump sum withdrawals/deposits from checking/savings.

• Do not quit or start new job. *if it’s in the same line of work please call loan officer to discuss.

Ready to get started??? — Click here to start the application

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