Getting pre-approved by a mortgage lender not only gives you an accurate estimate of how much you’ll be able to borrow toward the purchase of a home, but it also puts you in a MUCH better negotiating position when making an offer. A seller would much rather sell to someone who’s already approved for the financing rather than risk selling to a buyer who may not get approved at all.

IMPORTANT!!!!! MANY SELLERS NOWADAYS ARE BEING ADVISED BY THEIR AGENTS NOT TO EVEN REVIEW OFFERS MADE BY BUYERS WITHOUT AN APPROVAL LETTER!

To get pre-approved for a loan, you will need the following:

• Two years’ employment history, with W-2’s from all sources (if self-employed, two years’ worth of tax returns)
• Most recent paycheck stubs to cover the last 30 days
• A list of your outstanding debts (car loans, credit card statements, personal loans, existing mortgage loan, etc.)
• If divorced, the lender will require a copy of your final divorce papers
• Credit - If you’ve had a bankruptcy, you’ll need copies of the final discharge papers.
• Recent bank statements showing all cash assets (checking and savings, investments, IRA’s, stocks, etc.)
• Veterans: If using your VA Entitlement, you will need your DD214 and Certificate of Eligibility (we can help with that)
 

The approval process will take several days on average, but may save you a fortune when negotiating the purchase of your next home!