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Here’s Your Pre-Approval Checklist
By Trent Riggs, Loan Originator with Main Street Home Loans
Why Is Pre-Approval Important?
Getting pre-approved for a mortgage is the first step in your home-buying journey. It allows lenders to verify your financial health and determine how much you can borrow. A pre-approval letter shows sellers and real estate agents that you’re a serious buyer, which can give you an edge in a competitive market. To ensure the process is as smooth and stress-free as possible, it’s helpful to gather all necessary documentation ahead of time.
Pre-Approval Checklist: What You’ll Need
- Income Verification
- Recent pay stubs or a profit-and-loss (P&L) statement if you’re self-employed.
- Tax returns from the past two years to provide a comprehensive look at your financial history.
- Benefits Statements (if applicable)
- Social Security or disability income documentation.
- Pension statements if you’re retired or receiving a pension.
- Asset Verification
- Bank statements for the past two to three months to verify your savings and cash reserves.
- Retirement account statements (401(k), IRA, etc.) if applicable.
- Personal Identification
- A copy of your driver’s license or state-issued ID to verify your identity.
- Legal Documents (if applicable)
- Divorce decree if you’ve gone through a divorce and it impacts your finances.
- Bankruptcy discharge papers if you’ve previously filed for bankruptcy.
Tips for a Smooth Pre-Approval Process
- Be Organized: Have all your documents readily available to avoid delays.
- Be Honest: Provide accurate information about your income, assets, and debts.
- Communicate with Your Loan Officer: Stay in touch with your loan officer to quickly address any questions or additional requirements.
Ready to Get Started?
If you’re ready to take the next step toward homeownership, I’m here to help! At Main Street Home Loans, we work closely with Coldwell Banker Chesapeake to ensure a seamless experience from pre-approval to closing.
Visit my website or contact me today to get started on your pre-approval process. Let’s make your dream home a reality!
