Purchasing a home is emotional, expensive and at times overwhelming. For most people it is the largest financial transaction in their life and doing so must be done carefully.
Once you have decided to purchase a home you need to get pre-approved. A pre-approval letter is considered a loan approval that suggests you are a strong buyer. It indicates the lender has verified your credit, credit score, income, cash for down payment, debts and assets. Another reason you should get pre-approved is to find out your price range to work within. If you do not have a lender, I work with several that I can gladly refer you to.
To submit a mortgage application you will need the following documents:
- Most recent pay stubs for all borrowers for the last 30 days.
- W-2/1099 forms for all employment income for all borrowers for the previous 2 years.
- Personal tax returns for the last 2 years with ALL schedules.
- Copy of the most recent checking/savings/retirement statements covering last 2 months, ALL PAGES.
- Copy of photo ID and social security cards for all borrowers.
- Written explanation of credit issues, including: late payments, credit inquiries, charge-offs, collections, judgement and/or liens.
I am pre-approved
Once you have been pre-approved you should create a new home list. It is important to identify features you wish to have in your new home within your budget. Being able to communicate your wants and needs will to help streamline your search. Keep in mind if you have very specific criteria, it may take longer to find a home so it may benefit you to be flexible. I will search for properties based on your criteria, price range and present those to you. We will then tour homes you wish to see until we find the right property for you.