Getting pre-approved requires that a lender verify your financial information, and it serves as their commitment to lend a specified amount based on that information. It will give you a number of advantages. When you find a property, sellers will take your offer more seriously given that you have a lender that has committed to backing your offer.
It also gives you the assurance that you're looking at homes you can confidently afford to finance. Your efforts will be focused on properties that match your financing abilities.
You'll have an edge over other buyers who aren't pre-approved. In situations where there are multiple offers on a property, this can be the difference between having your offer accepted or losing the property to another buyer.
I'm eager to help you get preapproved either through my list of preferred lenders or any other company.
Pre-approved vs. Pre-qualified
A Pre-Approval is significantly different than a Pre-Qualification. A Pre-Qualification is simply asking a prospective buyer about their income and current debts. The information provided is not verified and their credit report is typically not pulled. For a Pre-Approval, a buyer’s income, assets, employment information, and credit report are verified based on documentation provided. A Pre-Approval also allows the Loan Officer to convey to the me general details of the Pre-Approval, such as the type of loan and term a buyer would like to have for their mortgage.
It also gives you the assurance that you're looking at homes you can confidently afford to finance. Your efforts will be focused on properties that match your financing abilities.
You'll have an edge over other buyers who aren't pre-approved. In situations where there are multiple offers on a property, this can be the difference between having your offer accepted or losing the property to another buyer.
I'm eager to help you get preapproved either through my list of preferred lenders or any other company.
Pre-approved vs. Pre-qualified
A Pre-Approval is significantly different than a Pre-Qualification. A Pre-Qualification is simply asking a prospective buyer about their income and current debts. The information provided is not verified and their credit report is typically not pulled. For a Pre-Approval, a buyer’s income, assets, employment information, and credit report are verified based on documentation provided. A Pre-Approval also allows the Loan Officer to convey to the me general details of the Pre-Approval, such as the type of loan and term a buyer would like to have for their mortgage.
DO
- Continue to make mortgage or rent payments
- Stay current on all existing accounts
- Keep working at your current employer
- Continue to use your credit as normal
- Be upfront and honest with your loan officer
- Be diligent in returning requested item
DON'T
- Make a major purchase (car, boat, furniture)
- Apply for new credit or take out any new loans
- Transfer balances from one account to another
- Change bank accounts
- Make a large or cash deposits into your account
- Payoff any debt without discussing with your lender
When applying for a mortgage, your loan officer will require some information and documentation to finalize the application.
Information Needed For Application
Additional Items may be required based on the lender.
- Full Name, date of birth, and Social Security Numbers for all borrowers
- Last 2 year's residence history (dates included)
- Last 2 years employment history (dates and job title)
- Last 2 pay stubs for all borrowers
- Last 2 years W2's / 1099's for all borrowers
- Last 2 months bank statements (all pages)
Additional Items may be required based on the lender.
