In a HOT BUYING & SELLING market what's your best competitive advantage? A Mortgage Pre-Approval.
What Is A Mortgage Pre-Approval?
A Mortgage Pre-Approval is the process of a Mortgage Specialist looking at your income, assets and credit score to determine what type of loan you could be approved for, how much you can borrow and what your interest rate might be.
Why is a Pre-Approval Important?
When you are ready to make the move in a hot housing market, being able to provide a pre-approval shows the buyer you are serious and have the funds to seal the deal. Some sellers and/or realtors may be less likely to consider an offer without a pre-approval letter.
How To Get Pre-Approved For A Mortgage:
The pre-approval process is the start to a mortgage application. This means the mortgage specialist will take a comprehensive review of your finances including a hard credit inquiry. To help the process go smoothly you should be prepared to provide information on the following:
- Identification
- Social Security number
- 2 Years of address history
- Proof of income
- 2 years of job history
- Proof of assets
Recommended DOCUMENTS NEEDED:
- W-2 statements
- Pay stubs
- Bank statements
- License
Note: A pre-approval is Subject to Verification of the above information.
