Why Get Pre-Qualified?

1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.

2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.

3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home. 

Documents that Lenders typically ask for when doing a Pre-approval letter and application (please verify with your lender what they need):

For a Purchase Loan:

Last 2 years Tax Returns

2 years W-2 and current paystub

12 months cancelled checks for verification of rent/mortgage

2 months copies of personal bank statements

Asset Statement (401K, Brokerage Accounts, Mutual Funds, Stocks, etc)

Mortgage Statement or Coupons/rental agreements

2 forms of Government Issued ID - e.g. Driver’s License, State ID, Social Security Card, or Passport

Signed loan application 

Borrower’s signed authorization (to pull credit, verify financial information, etc)

 

For a Refinance Loan:

Last 2 years Tax Returns

2 years W-2 and current paystub

2 months copies of personal bank statements

Asset Statement (401K, Brokerage Accounts, Mutual Funds, Stocks, etc)

Signed loan application

Mortgage Statement or Coupons/rental agreements

Borrower’s signed authorization

Driver’s License and Social Security Card

 


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