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Getting pre-approved for a mortgage is a smart step before you go out looking for a home. A pre-approval letter shows sellers that you have already proven to a lender that you have the income and down payment to qualify for a mortgage loan. This allows sellers to take you seriously, especially in a hot seller’s market. Pre-approval can be quick and painless, if you have the right documents lined up. While each lender may require slightly different paperwork, there are at least 4 documents that almost all lenders will need.
Gathering all the needed documents can often be done within just a few days and the pre-approval process can also be completed in a matter of days. Once lenders have your necessary paperwork, they will comb through it and check your credit, and hopefully send you out into the housing market with the pre-approval you need to put a bid on the perfect home. If you have questions about a Mortgage Pre-approval - give us at Vero Mortgage a call today at 559-734-5000 . Reader Question: "I plan to apply for a home loan to buy a house later this year. I was told I should get pre-approved first. What kind of mortgage documents are needed for the pre-approval process, and for underwriting? I wanted to get a head start on rounding these things up." At a glance: Many different types of documents are required during the mortgage application, pre-approval, and underwriting process. Most of them relate to your income, assets and debts. Common documents needed for a home loan pre-approval include bank statements, pay stubs, W-2s and tax returns. The Various Stages of the Mortgage ProcessWhile this article focuses on the paperwork that's typically needed for a mortgage pre-approval process, we need to touch on the other stages of the lending process as well. As a borrower, you might be asked for documents at various points along the way. Here are some of the stages where you might be asked to provide them:
Now that we've put the pre-approval into a broader context, let's look at some of the common documents that are required during the mortgage pre-approval process. Documents Needed for Mortgage Pre-Approval and UnderwritingPaperwork is the lifeblood of the mortgage industry. While the industry is gradually adopting paperless procedures (such as electronic signatures, or "e-signing"), there are still plenty of documents required in a typical mortgage pre-approval process. Here are some of the most commonly requested items:
Note: This is just a generic list of mortgage pre-approval documents. It includes some of the most commonly requested items. Depending on your situation -- and the type of home loan you are using -- you might be asked to provide or sign additional documents that are not on this list. When you first start talking to a mortgage lender, they will likely provide you with a list of the specific documents they need to issue a pre-approval. This list can vary from one mortgage company to the next. What info is needed for mortgage prequalification?Documents for mortgage preapproval
Pay stubs from at least the past 30 days. Tax returns (including W-2s) from the past two years. Bank statements from the past two months to three months – Checking, savings, money market accounts.
What paperwork do you need to get prequalified?Summary: Documents needed for a mortgage preapproval letter
Income and employment documents, such as tax returns, W-2s and 1099s. Asset statements on bank, retirement and brokerage accounts. Monthly debt payments and any real estate debt statements.
What are the five things you need for pre approval?Five Things You Need to be Pre-approved for a Mortgage. Proof of Identify. We must verify your identity and make sure you are who you say you are. ... . Proof of income. ... . Proof of assets. ... . Acceptable credit history. ... . Employment verification.. What are the 3 steps to get pre approved for a mortgage?How to get preapproved for a mortgage. Step 1: Gather your documents. Your lender will require documentation to support the info in your loan application. ... . Step 2: Complete a home loan application. To get preapproved, you need to fill out a mortgage loan application. ... . Step 3: Your mortgage lender completes the preapproval.. |