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how to find out about getting pre-approved ?

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January 02 - Denham Springs
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This is a great question because one of the first steps in the home buying process is to speak with a lender to get pre-approved. When you do apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan.

1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages)

2) Credit Report which they will pull

3) Employment History or Business Tax Returns if you're Self Employed

4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have.

These are just a few things you should have ready when you begin your buying process. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck!
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January 02

Start with a locally owned bank's mortgage department (some have on-line applications) or a mortgage broker who has been in business for quite some time and is experienced with the various loan products.  You will need two bank statements and two years of W-2s at a minimum.  They can tell you what else they may need to see.  They will access your credit score and look at debt-to-income ratios.  Experienced people can tell you how to turn a not now into a yes, what to do to get there, as well as approximately how long it will take.  It is important to remember that companies deal with different lenders so while one may have a minimum necessary score of 640, someone else may be able to approve you with 620 for example.  It is also important to take this necessary first step to buying a home rather than start looking first because there could be things on your credit that are not even yours, but need to be cleared up.  This takes some time and if you've fallen in love with a house, you may lose it to someone else during this process. 

Best wishes as you begin this process!

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January 02
 
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