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How to Get Pre-Approved
If you
are thinking about buying a home in the near future,
taking the time to get pre-approved will save you a lot
of headaches. The process of getting
pre-approved will provide you with insight as to how
much home you can afford to buy so that you are not
spending time looking at homes out of your price range.
Most
real estate agents today will not take you out to see
homes unless you are pre-approved. As you can
understand, they will not want to waste their time
showing you homes that you may not be able to afford.
Getting pre-approved is a simple process that can be
done in one day. Here are the steps to getting
pre-approved.
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Gather the
following documents
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Your last
month of paystubs
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Your last 2
years of W-2 statements
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Your most
recent month of checking/savings
statements
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Your most
recent month of investment account
statements
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Copy of your
drivers license and social security card
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Meet with a
mortgage professional
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Discuss your
"wants" and "needs" in detail
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The mortgage
professional will complete a mini loan
application and submit to an automated
underwriting decision maker
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The automated
underwriting system will determine if you
are approved or not
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The mortgage
professional issues you a pre-approval
letter so you can go shopping for a home
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