When you’ve been Pre-Approved by a Mortgage Lender, it’s the next best thing to having the Money In Hand.
When you get Pre-Approved for a Mortgage Loan, you are essentially finding out how much a Lender is willing to loan you. Pre-Approval goes a step further than Pre-Qualification, which is just a basic review of your finances. Through this process, a Lender will review your finances in greater detail and will Pre-Approve you for a certain amount. Being Pre-Approved for a Home Loan helps you in other ways as well. For one thing, it shows the Sellers that you’re capable of buying their Home.
This can give you a leg up during the offer process, especially when multiple Buyers are competing for the House. When it comes to getting Pre-Approved for your Loan, your Lender will ask you for the following items. To expedite the process, have the following information ready when you apply.
- Name & Marital status
- Address & Previous address (if less than 2 years at current address)
- Landlord (past 2 years)
- Length and Place of employment (past 24 months)
- Social Security number
- Base pay (Most recent paystub)
- Overtime and Bonuses
- Real Estate Income and Interest Income
- Alimony/Child Support (Copy of Divorce Decree)
- Other Regular Income (Social Security, etc.)
- Last 2 years’ W-2s and Federal Tax Returns
- Names, Addresses and Account Numbers
- Cash (savings, checking, money market)
- Securities (stock, mutual funds)
- Value of real estate
- Proceeds from sale of current home
- Cash value of life insurance and Automobiles
- Names, Addresses, and Account Numbers along with monthly payment.
- Automobile Loan
- Bank Loan
- Real Estate Mortgage
- Personal Loan
- Credit Cards
- Alimony/Child Support