Why Should you get pre-approved for a Home Loan?
There are a few reasons to get pre-qualified for a home loan. The first is to ensure that you do in fact qualify for the mortgage. The second is to find out what dollar amount you will qualify for and
what your total monthly payment will be. This information will help you decide price points to shop within.
What Information will be needed for a pre-approval?
Your lender will need basic information to start with including your social security number and date of birth in order to pull and review your credit report. In order to complete the pre approval they will ask for specific financial documentation that can include; Federal tax returns, W-2’s, Paystubs and bank statements.
What if you cannot get pre-approved?
Your lender will discuss what steps will need to be taken in order to qualify for a future home loan.
Don’t wait! Get your pre-approval while rates are low!
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