What to Take with You for Mortgage Pre-Approval
Posted by Elizabeth Dennis on June 6, 2010 | No Comments
Mortgage Pre-Approval
It is a good idea to have the following information ready to go when you are heading to a mortgage lender for preapproval. This information can be gathered well before a purchase agreement is signed.
- Recent paycheck stub.
- If you are self-employed, last two years of income tax returns.
- Proof that you have the funds for a down payment on a home. Two or three months of current bank statements may suffice; though in some cases, the lender may want verification directly from your bank.
- Employment verification showing how long you’ve been employed at your current employer. In many instances, your lender can verify this information with a phone call. Your employer may also need to indicate the chances of your continued employment with them.
- Credit report fee. This is the only fee a lender should request during the pre-approval process. If the lender asks for more at this point, find another lender.
- Supporting documents that clear up any issues or discrepancies that may be present on your credit report.
- If you are refinancing, you will need to provide a recent mortgage statement.
- Bankruptcy papers, if applicable.
- Divorce degree papers, if applicable.
Begin gathering this information as soon as you decide to start looking for a home. Review the benefits of mortgage pre-approval here.
Filed Under: Mortgage, Newbuyer's Own
