HOW TO SECURE PRE-APPROVAL AND KEEP YOU THERE UNTIL CLOSING
1. Know The Steps of Approval
Pre-Qualification. This will help you decide if you’d like to move forward with your home loan application. After discussing your finances with your mortgage professional, they will give you some loan solutions and estimate your down payment and monthly payments.
Pre-Approval. When your actual documentation is sent to your mortgage professional for reviewing and processing, it will allow the mortgage professional to provide you with a max loan amount. With this, you can confidently start searching for your perfect home.
2. Collect Proper Documentation Needed
Most current consecutive 1 month paystubs (This document will not be required if you are self-employed)
W-2s and/or 1099s for the last 2 years (This document will not be required if you are self-employed)
Federal tax returns for the last 2 years including all Schedules and Statements
Government issued photo ID and social security number
Bank statements for the last 2 months including all pages
3. Stay Consistent to Stay Pre-Approved While Shopping For Your Home
Continue to make all payments on time
Don’t open any new loans, credit lines or allow any credit inquiries on your credit report
Leave your down payment alone
4. Let Your Mortgage Professional Know
Before making any payment on a collection account
If your name, address or marital status will change
