Pre-approval Process

Pre-Approval is a lenders commitment to lend money to you.  It is a lot more involved and requires gathering documents while going through the preliminary approval process.  You do not need to provide an actual physical address.  This process gives you a definite idea of what you can afford and informs potential sellers you are serious about purchasing your home. This Pre-approval will also provide a much stronger position when making an offer . It informs the Seller you have gone through the loan process and just need to identify a home to purchase.

Pre-Qualification is an informal way to know how much you will actually be able to borrow and how large of a loan amount you will qualify for.  You can find this out over the phone with relatively little paperwork by telling the Broker your income, debts and how much down payment you are able to give.

Securing Your Home Loan

Below is a list of the documents you will need to gather and submit to begin the process of securing your loan:

• Most Current paystubs (Last 3 Months)
• W-2 or 1099 Forms (Past 2 Years)
• Complete Tax Returns (Last 2 years)
• Sales Contract
• Copy Of ID & Social Security
• Employment Information

During the application process, the Broker will run a credit report consisting off all three credit bureaus.  For mortgage purposes, they use the middle credit score to determine which programs you will qualify for.  .