4 Things You Need Before Getting Pre Qualified For A Mortgage

4 Things You Need Before Getting Pre Qualified For A Mortgage

Serious home buyers are highly advised by agents to start the home-buying process by consulting a lender first for pre-qualification--whether it is by phone, email, or in person. Pre-qualification will help to determine the amount a buyer is qualified for, it will allow for time to find the right financing program suitable to the buyer’s needs, and it will prepare a buyer to be ready to put in an offer.

Here are 4 things a buyer needs before getting pre-qualified for a mortgage:

1.) Proof of Income: All borrowers need to be prepared with W-2 statements from the past 2 years, recent pay stubs that show income along with “year-to-date income,” proof of additional income (such as bonuses, alimony, etc.) and tax returns from the past 2 years.

2.) Proof of Assets: Bank statements and investment account statements must be presented to prove a buyer has proper funds for a down payment, closing costs, and cash reserves. Depending on the loan program a buyer is qualified for, down payment amounts will differ.

3.) Good Credit: Lenders look at a buyer’s credit score to determine interest rates. Generally higher credit scores incur lower interest rates.  A look at a buyer’s credit will also help determine the required down payment amount.

4.) Documentation: Lastly, a lender will need a copy of the buyer’s driver license along with their Social Security number and their signature in order to pull a credit report.

Consulting with a lender first will make the home-buying process a breeze. Pre-qualification can take as little as 10-15 if the buyer is organized with the proper information. So, be prepared, get your paperwork together, and contact a lender today!

Lisa Massey Headshot
Phone: 715-846-0446
Dated: November 13th 2013
Views: 498
About Lisa: Rorabeck Realty Group is pleased to announce that Lisa Massey has joined us as a Buyer’s Agent. L...

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