Get Pre Approved for a Mortgage FIRST !!

Get Pre Approved for a Mortgage FIRST !!!

Getting Pre-Approved
A pre-approval is a like a commitment in writing from a lender that a borrower would qualify for a particular loan amount based on income and credit information.
Why you should get pre-approved?

There are many reasons why you should get pre-approved. The most important reason you should get pre-approved early in the process of purchasing a home is that you will get an accurate idea of how much you can afford. This will ensure that you only look at houses that are truly in your price range. A pre-approval letter is also essential in a competitive real estate market. If you make an offer on a house without a pre-approval, your offer will not be taken as seriously as an offer from another person with a pre-approval and you could lose out on purchasing the house of your dreams. Additionally most bank-owned homes will require a pre-approval letter from a lender before accepting an offer.
What is involved with getting pre-approved?

Documents you’ll need to provide to get a true pre-approval
• Your W2 from the past two years
• Your paystubs for the past three months
• Your tax returns from the past two years
• Your checking or savings bank statements for the past three months
• Your statements for all your other assets (stocks, bonds, etc. for the last two months
• The name and phone number of your landlord or your current mortgage documents
• Your divorcee decree, if applicable
• If you are self-employed: Your business tax returns for the past two years in addition to your year-to-date profit and loss statement and year-to-date balance sheet

Credit Report and Credit Score
We will also pull your credit report and score for you and your co-borrower (if you have one.) Most lenders charge an upfront fee of around $30 to do this BUT WE DO NOT.

We will analyze your credit report for any red flags such as late or missed payments or charged off debt. Your credit score will affect your ability to qualify for a loan and determine how low of a rate you can get. Generally a score above 720 will get you the most favorable mortgage rates. Your overall debt (minimum credit card payments, student loan payments, car payments, etc.) will be analyzed to calculate your overall debt-to-income ratio. You will also need to provide any alimony or child support payments you are required to pay.

Advertisements

About mortgagelendingstatenisland

I am a mortgage banking veteran with over 15 years of experience at every level of the mortgage arena. I am known as the "closer" because of my troubleshooting skils and ability to explain in detail to my clients and business partners "What Makes A Mortgage Approvable".
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s