Pre-Approval is a critical step that enhances your buying power
and negotiating ability. Sellers will take you more seriously
because they know your offer is backed by a solid loan commitment.
Having a clear understanding of what you can afford will make house
shopping easier because you can focus on houses that fit within your
budget. The best part, your mortgage will be approved when you find
the home you want to buy, so you can pay full attention to negotiating
the purchase price. In order to receive a pre-approval, you will
need to provide the following documentation to a mortgage professional:
- Your name
- Date of birth
- Address (2 year history)
- Social security number
- If you are salaried: Provide W-2’s for the previous two years and one month of pay stubs.
- If you are self-employed: Provide tax returns for the previous two years,
proof of incorporation or business license and a YTD profit and loss statement.
- 2 months bank statements, all pages (checking, savings, IRA, stocks, etc.)
- Proof of any additional income
To learn more about home loans and your credit score,
click here.
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