5 Things Needed For Pre-ApprovalJonathan
If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises!
1. Proof of Income
This is usually W-2 statements but also includes any other sources of income like bonuses or alimony.
2. Proof of Assets
This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them.
3. Credit Score
Your credit score will be an important factor on the down payment and interest rate on the loan.
4. Employment Verification
Lenders may call your employer to verify employment, or if you are self-employed you may need to supply additional paperwork.
5. You Verification
You may need to supply a copy of your drivers license and social security number as well.
Now that you know the basics, check with us to get pre-approved and see how much you can get approved for!