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3 Key Benefits to Getting Pre-Approved
· You know exactly how much home you can afford; eliminating wasted time looking at homes that are under or over your price range.
· You get the best financing; i.e. lowest interest rate, lowest down payment home loan and lowest monthly payment, which will allow you to get the most house for your money.
· You can make a stronger offer; You get the power of immediate action, you can beat out other buyers, and you can negotiate the lowest price and best terms.
Pre-Qualified is not the same as Pre-Approved
Items most lenders need at Loan Application
· Social Security Number(s) to run your credit
· Most recent pay stubs (1 month)
· Copies of 2 years W-2’s and Federal Tax Returns
· Names and addresses of employers (12-24 months)
· Last 2 months bank statements or addresses and account numbers (including checking, savings, investment), all pages
· All bankruptcy or discharge papers (if within 7-10 years) if applicable, including Short Sales.
· Let the lender know if you’re in a divorce situation, as certain additional terms may apply.
If you or your spouse have served or are serving in the US Military, you'll also need the following:
· Certificate of Eligibility (our preferred Lender can order this for you)