Know what you can afford:
To get you pre approval for a Loan, the underwriter of the lender studies and evaluates the documents you need to provide.
As your Realtor, I will help you get pre-approve. Items to consider when pre-approval for a mortgage loan include:
1. Last two year’s W-2 Stubs, along with completed Tax Returns with all pages and all schedules for all borrowers who are going to be on the loan.
2. Last 2 pay-stubs for all borrowers who are going to be on the loan. Save all paycheck stubs you receive after submitting the loan application. During the processing of your loan lender will need to see the updated paycheck stubs.
3. Last 2 months of statements, with all pages in sequential order, for any of the following accounts that you may have: Checking, Savings, 401k, I.R.A, Stocks or Bonds, Pension or Retirement accounts. Keep any statements you receive thereafter, call me @ 949 749 9834 if you have any questions.
4. If you get any type of Pension, Retirement, Social Security or Disability income lender will need a copy of your 2013 Award Letters, with ALL pages.
5. Most current mortgage statement for all properties that you own.
6. Annual Tax and Insurance statement for all properties that you own.
7. If you have any HOA dues on any of the properties that you own, save a copy of your most recent statement for each property.
8. A clean copy of your Driver’s License and Copy of Social Security Card from ALL borrowers who are to be on the loan will also be desired by the lender.
9. If any of the borrowers who are applying to be on the loan having been divorced, lender may need a copy of the entire Divorce Decree with ALL pages. Lender may need any Family, Child or Spousal Support that must be declared.
10. If any of the borrowers have a prior Bankruptcy, supply ALL pages of the Bankruptcy Discharge paperwork.
In conjunction with our knowledgeable mortgage / loan expert, I’ll direct you to an experienced, competitive and reliable lender. He will help you make an informed decision as to the type of loan you’ll want. There are many different types of loans to consider – FHA, 203 K, VA, Conventional, ARM’s and even Bad Credit Loans for your situation.
Getting pre-approved is also an important step when making your offer to buy. Sellers are looking for buyers that can prove they are really capable to buy, not just those that want to buy. It’s critical to have your pre-approval letter in hand before making an offer. So, let’s get that out of the way before we move forward. Contact me!