It’s almost required to get pre-approved for a mortgage when house shopping in many of today’s markets, many realtors will actually ask for a pre-approval in advance.
Its also good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises!
So here are 5 things you’ll need to get pre-approved
1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony.
2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them.
3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan.
4. Employment Verification Lenders may call your employer to verify employment, or if you are self-employed you may need to supply additional paperwork.
5. You Verification You may need to supply a copy of your drivers license and social security number as well. Now that you know the basics, use our online prequal and see how much you can get approved for!
