Importance of Mortgage Pre-Approval

Get Pre-Approved for your Mtg

 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

Borrower Information:

      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)

      Previous employer (if less than 2 years at current employer)

      Social Security number

Income:

      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

Assets:

      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

Liabilities:
Names, Addresses, and Account Numbers along with monthly payment.

      Automobile Loan

      Bank Loan

      Real Estate Mortgage

      Personal Loan

      Credit Cards

      Alimony/Child Support