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Pre-Approval Process

I would highly recommend for any potential buyer to first consult with a mortgage representative or bank regarding a pre-approval.  During your consultation, the loan originator will collect information that is needed in order to go forward with the pre-approval process. Once the process is complete, you can then start your home search, you will know how much you can afford and what kind of loan you will receive.  A typical pre- approval can take anywhere from 2-14 days depending on the agency.  Please also note that these days most sale listings require a pre-approval letter when submitting an offer.

Here is a list of things you would need in order to start the application process for a pre-approval of a mortgage, usually an underwriter looks for things such as :

  • Last two (2) to three (3) years of your tax returns/W-2.
  • Copies of your last thirty (30) days worth of pay-stubs.
  • Two (2) months worth of bank account statements.
  • Copy of your drivers license, social security card, green card if applicable, College degree, divorce decree if applicable.
  • If renting, a leasing agreement and twelve (12) months canceled checks for rent.
  • Copies of yout most recent 401K plan, IRA, and any other investment satements.

When you initially meet with a mortgage representative, he or she will check your credit status to see what your credit score is and what kind of accounts and current debt you have open.

Your income, debt, credit score/history, employment history and down payment will play a major role when applying for a mortgage loan. Before a final commitment can be issued by the bank, several other items will be need

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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