Information Needed For Pre-Approval

Grab your yellow pad! I'm going to give you the run down of things that will be needed for a pre- approval. So make sure you bring these things when your meeting with your loan officer.

• Copy of driver license & social security card for all borrowers

• Most recent ONE full month's pay stubs

• Most recent TWO years W-2's

• Most recent TWO month's bank statements (all pages)

• Residence (and landlord) addresses- past 2 years

• Addresses & loan information on real estate owned

• Name, addresses, account numbers, balances & monthly payments on all open loans or credit cards

• 401k/ retirement statement (all pages0 (if you wish to include as an asset)

• Name & phone number of your homeowner's insurance agent

• Check for credit report & appraisal

• VA loan: VA certificate of eligibility or DD214

• If applicable, any divorce decrees and discharge of bankruptcy papers

• If self- employed, see your loan officer for requirements
  

Loan Pre- Approval

Once upon a time, buyers found their dream home and then went in search of a mortgage. The market is more competitive today. Buyers who arrange their financing first have a distinct advantage.

The pre-approval process will benefit you in the following ways:

• You will know in advance what your payments will be.

• You will have an estimate of your closing cost.

• You will not waste your precious time considering homes you cannot afford.

• You can select the best loan package without being under pressure.

• Sellers will find your offer to purchase more favorable if they know in advance of your ability to secure financing.

• You will have peace of mind.

THE BUYING PROCESS- STEP BY STEP

• Consultation to analyze needs

• Establish a working relationship with a Real Estate Agent/ Broker

• Get Pre-Approved by lender - Or decide to pay cash

• View new/resale homes with your dedicated agent

• Select a home

• Present an offer

• Acceptance of offer/ contract

• Inspections

• Update Mortgage application- Appraisal

• Underwriting- Conditions

• Loan Approval

• Title Company

• Assemble documents

• Closing & walk through

• Transfer utilities

• Moving Day