Why Get Pre-Approved?
1. Pre-approval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. While a "pre-approval" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
Use this checklist to make sure you have everything you need before you begin your loan application. Having all necessary documentation up front saves time so your loan can close smoothly and quickly.
Prepare you Loan Checklist!
- W-2 forms (previous 2 years)
- Pay stubs (2 most recent)
- If self-employed-Two years signed tax returns with all schedules & YTD profit & loss
- Employer name & address ( 2 year history)
- Bank Accounts(s) Statements (recent 2 months)
- Statements for 401(k)s,stocks, other investments (most recent)
- Photo identification (valid Driver’s License or Passport)
- Letter of explanation (signed and dated) of any large deposits other than normal payroll into accounts.
- Letter of explanation (signed and dated) of any inquiries on credit report.
- If selling your current home – Contract for home being sold
- For eligible Active Military and Veterans- DD214 & Certificate of Eligibility
- Divorce Decree and Separation Agreement (if applicable).
- Additional items below for home purchase and refinance requirements.
Home Purchase Checklist:
- New home Sales Agreement, specifications, plans, and/or legal description
- Copy of Earnest Money Check
- First time home buyers– Landlord name & address for previous 2 years
- Copy of current deed
- Most recent State property tax bill or receipt
- Mortgage Statement
- Insurance Declaration Page
- Survey (if applicable)