Mortgage Pre-Approval 101
Why apply for a mortgage? Applying for a mortgage pre-approval will allow you to understand how much money a bank is willing to lend you as well as what terms, interest rate, and payment you qualify for.
Here is what you need to know:
Application
The quick application takes about 15 minuets and is the first step to obtaining a pre-approval. You will enter your income, assets, and other necessary information to better aquaint us with the file.
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Tip: Once you create your application account, you can save your progress and resume the application or revisit to upload additonal documents at your convenience.
Documents
Once completing the application you will be able to upload your documents directly to our secure doc portal.
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Tip: For the best quality, please upload all documents in pdf format - if the files are not digital, you can use a free pdf scanner app on most smart phones.
Credit Check
After the application and documnets have been reviewed, the final step is to complete the credit check. This allows us to verify your fico score as well as any monthly liabilities.
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Tip: running your credit is good for 90 days and should not have a drastic impact on your credit score. It is the same as when applying for a credit card or auto loan. Buying a home is a big financial undertaking so we recomend runnig your credit as soon as possible to see where you stand.
Documents Required
PURCHASE
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Photo ID
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Last 30 Days Pay Stubs
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Last 2 Years W2 Forms
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Last 2 Months Bank Statements or other asset statements (401k, stocks, etc.)
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Last 2 Years Tax Returns (only if self-employed)
REFINANCE
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Photo ID
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Last 30 Days Pay Stubs
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Last 2 Years W2 Forms
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Last 2 Months Bank Statements or other asset statements (401k, stocks, etc.)
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Recent Mortgage Statement
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Homeowner's Insurance Policy
Why Get Pre-Approved?
A mortgage pre-approval does a few things. First, it let's you know how much money the bank is willing to lend you. But, more importantly, it helps you dertermine what is a comfortable monthly payment and price point home will give you that comfortable payment - allowing you to create a game plan before you begin to look at homes.
Another important reason to get your pre-approval before looking for homes is because most realtors will require a pre-approval letter to write an offer and sometimes to even see a home. The pre-approval shows that you are a serious buyer and ready to go when the right opportuniy presents itself.