When it comes to buying a home, being pre-approved for a mortgage can give you a competitive edge, especially in a market with multiple offers. But what does it take to get pre-approved for a home loan? Here are the basics.
First, you'll need to provide your lender with your social security number so they can run an accurate credit check on you and your spouse (if you're both applying for the loan together). You'll also need to provide copies of your checking and savings account statements for the past six months, as well as documentation of any other assets you may have, such as stocks or bonds.
In addition to your financial information, you'll also need to provide a recent pay stub that shows your earnings, along with the contact information of someone who can confirm your employment. Your lender will also ask for a list of all credit card accounts with current balances and your last two years of income tax returns.
It's important to note that each lender may have their own unique requirements for pre-approval, so it's always best to check with your lender to ensure you have all the necessary documentation.
At Castelli Management, LLC., we're dedicated to helping our clients navigate the home buying process with ease. If you have any questions about pre-approval or the home buying process in general, we're here to help. Contact us today to learn more.
John Castelli, Realtor®