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Getting Pre-approved for a Mortgage

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Mortgage Vetting Tips

PRE-QUALIFICATION VS PRE-APPROVAL

A lender can pre-qualify you to buy a house after a quick conversation about your income, assets, and down payment. Unfortunately, a prequalification has no value to sellers and little value to you. Getting pre-approved for a mortgage is completely different, a lender will need to verify your financial information and submit your loan for preliminary underwriting. That extra effort will pay off when you begin your home search. A pre-approval letter saves you time, stress, and heartache. It shows sellers you are serious. It is the gold seal of excellence on your offer.

Identification

WHAT YOU WILL NEED TO PREPARE:

  • Driver’s license or U.S. passport
  • Social Security card or number
  • A copy of the front and back of your permanent resident card (if you aren’t a U.S. citizen)
  • Credit history
  • Employment verification (employment letter and yearly salary)

Income Audit Help

Income

  • Pay stubs covering the last 30 days
  • W-2 forms from the last two years
  • Proof of any additional income
  • Federal income tax returns (personal and business) with all pages and schedules from the last two years

Asset Proof Guide

Assets

  • Bank statements proving you have enough money to cover the down payment and closing costs
  • A gift letter saying your down payment is a gift, if you are receiving one
  • An approval certificate if you are receiving a bond or grant
  • Latest quarterly statements for asset accounts including your 401(k), IRA, stock accounts, and mutual funds

Important to note

Getting pre-approved for a mortgage sets you up for success, but it does not commit you to a lender. There are many types of lenders to choose from. You have the right to shop around, and should.

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