Everything you need to get started
Real estate markets tend to heat up during springtime, so being pre-approved can put you a step ahead of the competition when it comes to buying a home. Mortgage pre-approval is the process of determining how much money you can borrow to buy a home— here are a few things you’ll want to make sure you have before you get started:
- Driver’s license, Social Security card or other form of ID
- Employment information including contact information of employers in the past two years as well as pay stubs from at least the past 30 days (if you are self-employed, you will need to show business records)
- Bank Statements from at least the past two to three months—this should include 401(k)s and/or IRAs, CDs, mutual funds or other investment or retirement vehicles
- Tax returns (including W-2s) from the past two years
- Loan statements from the past 60 days including auto loans, credit cards, personal loans, student loans, etc.
- Down payment gift letter if applicable
- Information on other real estate if you own additional properties
- Be prepared to account for other income sources including child and/or spousal support, disability or VA benefits, pension, Social Security or other sources
- If you have previously been renting, you may also need to produce rental information as well as landlord references
Having this information ready will make the pre-approval process much smother, and make you one step closer to the home of your dreams! Contact us with any questions or concerns.