Getting pre-pproved for a home loan (mortgage) today involves paying attention to details and making sure you provide your Mortgage Advisor with as much documentationn as you can up-front in your intitial meeting. In the past the pre-approval process usually just consisted of an application taken at the time of your initial interview, however in today’s mortgage world it is recommended that in order to be accurate an avoid future surprises during the home-buying process you bring in all of the items required at the beginning.
Here is a good starting checklist of items to bring with you:
- Your last two years Federal Tax Returns, ALL schedules and pages. If self-employed you should also bring in your last two years business returns.
- Your last two years W-2’s (for all borrowers on the loan)
- Your last TWO months Bank Statements ( ALL ACCOUNTS & ALL PAGES)
- Your las TWO Retirement or Stock Account Statements (ALL PAGES)
- If you know of any credit situations (ie Bankruptcy, Judgements, etc.) provide all written documentation pertaining to these items, along with an explanation.
- If you receive Other Income (ie Pensions, Social Security, Alimony, etc.) provide all written documentation you can to support these payments
The more prepared you are today at the beginning will make the entire process a little less stressful later.