If you’re considering a home purchase, getting a pre-approval letter is a must. The pre-approval process will give you an idea of how much you can afford, and how much of a payment you will be comfortable with once you own your home.
Additionally, you’ll be considered a more “serious buyer candidate” to listing agents and their seller clients.
The pre-approval process is relatively painless. Remember, the loan officer wants your business. That’s how they get paid. They should make you as comfortable as possible, but be prepared to be open, candid and honest about your complete financial situation. Make sure you provide complete and accurate information when it’s requested.
For suggestions and referrals to qualified local loan officers, whom I’ve worked with before and know to be focused on the best interest of my clients, please complete the form below. I’m happy to offer referrals anytime.
Once you decide on a loan officer, here’s a partial list of the information they will require to issue you a pre-approval letter. Once we received a pre-approval letter we can begin visiting property.
- W-2’s for the past 2 years
- Most recent paycheck stubs covering the last 60 days
- Residence addresses – the addresses of properties you’ve lived at during the last 2 years
- Names and Addresses of each employer – past 2 years
- Last 2 month’s bank statements for all checking and saving accounts
- Names, addresses, account numbers and monthly payments on all open loans and/or credit cards
- Landlord names and addresses – past 2 years
As you gather your documents, your lender may require more information than the items listed in the above list. Your loan officer will be your authority on everything that has to do with the financing of your mortgage loan. If you would like a referral to a qualified local lender, CALL Sara Hibbard or complete the form below.