Your Mortgage Resource Center

Preparing for the Loan Process

Items Needed for Pre-approval

When you prepare for the pre-approval process, make sure you have these items ready to go to make things go faster:

• W2s from the last two years
• 1040 Federal Tax Returns from the last two years (all pages)
• If you are a business owner, you will need business tax returns and K1s
• 2 most recent paystubs
• 2 months of recent statements for all assets (checking, savings, money market, retirement, etc.)
• Driver’s license or passport
• Other documentation may include: offer letter for employment, school transcripts, social security or pension award letters, divorce decree, bankruptcy papers, short sale documentation 
  

Pre-Qualified

Getting Pre-Qualified involves supplying us with your overall financial picture, including all debts, credit, income and assets. We will review everything and give an estimate of how much you can qualify for. Pre-Qualification can be done over the phone or online and there is no cost involved. Pre-Qualification is quick, usually taking just one to two days. At that point you will receive a pre qualification letter, a list of items needed, and a loan estimate. Keep in mind that loan Pre-Qualification does not include an analysis of your supporting documentation. It is based solely on the information you have provided verbally and/or online for your application.

Pre-Approval

For an official Pre-Approval letter, you will need to supply us with all of the necessary supporting documentation that was requested on the “items needed list.” We will then review and validate all documentation supplied and provide you with an official Pre Approval letter up to a specified amount. Going through the Pre-Approval process puts you, the buyer, in the strongest position possible against the competition, when making offers on homes. In our intense buyers’ market, sellers are only considering serious buyers who have done their due diligence and are fully pre-approved.