The Benefit of Been Pre-Approval

If you make an offer on a home and then apply for a loan, you are at the lender’s mercy, who is aware that you do not have time to shop around.

Pre-approval saves time spent looking at houses you can’t afford.

A pre-approval letter from a lender gives you an edge when multiple offers have been made on the house.

Pre-approved buyers can generally close escrow more quickly since most of the work has already been done.

Required Documents

• Past two (2) years W-2 statements (all pages, even if blank)
• Past two (2) years signed personal tax returns – including all schedules (all pages, even if blank)
• Pay Stubs covering the last (30) thirty days (both borrowers)
• Two most recent monthly bank statements (all pages, even if blank)
• Most recent transaction summary of 401K, IRA, or Mutual Fund Accounts (all pages, even if blank)
• Photocopies of any stocks or certificates of deposits
• Copy of the purchase and sale agreement
• If you are currently renting….either 12 months canceled rent checks or the name and address of your current landlord/property manager
• If divorced…a fully executed divorce decree
• For a refinance…a copy of the deed, and most recent tax bill
• A letter of explanation for any known credit problems

For self-employed borrowers, employed in sales, paid by commission, or owns rental real estate:

• Past two (2) years signed personal tax returns – including all schedules (all pages, even if blank)
• If self-employed through a corporation, last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet

Different programs require varying amounts of documentation. The loan program you select may require more or less documentation. Please contact here our Mortgages Partners for a free, no-obligation consultation.