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WHATS SO IMPORTANT ABOUT GETTING PRE-APPROVED?
For much of August, the average rate for a 30-year mortgage hovered just above 3%, and even now, you can snag a similar rate. That alone is a good reason to buy a home right now. While there’s a solid chance mortgage rates will stay competitive throughout 2020, beyond that, all bets are off.
What Does Pre-approval Mean?
Because pre-approval is a requirement it’s smart to do so before starting the home shopping process. Getting pre-qualified involves an informal interview with a mortgage lender. Your lender typically asks you about your credit, income, assets, and debts. Then it gives you a general idea of the price range you can afford, and how much cash you’ll need to purchase a home. Getting pre-approved before your search begins is the way to go.
The First Step in Mortgage Pre-approval
Getting pre-approved is simply a matter of checking all your credit reports and credit score. This gives you ideas regarding the size of the loans and interest rates you might qualify for, and if for any reasons needed, this gives you time to clean up your rating before you start shopping for your new home.
What Do You Need for a Mortgage Pre-approval?
It requires all your Income Information. Get ready to supply pay stubs, tax returns and W-2s from the last two years, as well as documents that show additional sources of income. Examples of the possible additional income include: a second job, overtime, bonuses and commissions interest and dividend income, Social Security payments, VA and retirement benefits, alimony or child support.
Asset Information can include any bank statements, as well as information about your personal or business investments. If you have a family member or friend that is giving you money, you’ll also want to bring documentation of that info. That might be in the form of a gift letter, which shows the money is not a loan. Personal Information. You’ll need to bring a valid form of identification such as a driver’s license or passport. Plus, you’ll need to provide your Social Security number for a credit check.
Once this process is complete, you will receive a pre-Approval letter that solidifies you as a strong buyer, to submit with your offers. Sellers are more likely to accept offers from Buyers who provide a pre-approval letter because they know your documents have been reviewed by a lender and it clearly states that you are capable of satisfying all financing aspects of the purchase contract.