TAP Into Your Town's News

Summit Real Estate Wrap

The Mortgage Pre-Approval Process

Lucy E. Thompson, Broker/Sales Associate, Keller Williams Realty - Summit

Monday, June 9, 2014 • 10:49am

OK - you want to buy a house and you need to take out a mortgage.  What next?

First of all, find a good, local mortgage specialist who can give you some different options - your real estate professional can give you some recommendations.  You may have choices on length of term, principal and interest, interest only - there are a number of different options/combinations.
 
This is some of the paperwork you will need to provide for your mortgage pre-approval (which means the lender will check your credit unlike a pre-qualification which, frankly, is pretty worthless and which means that the lender has not checked your credit.)  The list is by no means exhaustive:
 
Pay stubs, tax returns (probably going back 2-3 years), 1099's for the self-employed, evidence of any additional income, proof of funds for the down payment, HUD closing statements for any other property purchased within the last 2-3 years, executed lease(s) if applicable on other property, proof of property tax and insurance payments, information on any legal proceedings in process etc.
 
You may be able to get a written pre-approval, subject to providing the paperwork, as above.  If so, you are ready to make your offer!  
TAP into your town! Get Your Town's News In Your Inbox: Click here to sign up.