When you are looking for a home, and want to place an offer on one, no seller will accept an offer without a mortgage pre-approval letter. So, it is good to have one in hand, and you are not tied into using the company that gives you the pre-approval letter.

If you do not have one, it is important that you get your pre-approval out of the way before you start shopping. This ensures that you will be able to place your offer when you find the right home.

It doesn’t take long and most lenders can start the process right over the phone. I can understand that this process might be a little overwhelming and you may be a bit nervous about getting this started. But I have complied a list of requested items from the Lenders I have worked with in the past.

 

The Items a Lender Needs From You

For a Pre-approval

  1. Legible copy of your drivers license
  2. Copy of the 2010 & 2011 W-2’s for all borrower’s
  3. Copy of 2010 & 2011 tax returns
  4. Copy of your most recent 30 days pay stubs all borrowers.
  5. Copy of your most recent bank statements with all pages for all accounts
  6. Letter of explanations for all large deposits
  7. Letter of explanations for all credit inquiries

For full approval

  1. Copy of your most recent mortgage statements for all mortgages, if any.
  2. Copy of fully executed subject property Purchase and Sales agreement
  3. Copy and source of earnest money deposit
  4. Fully executed Gift letter/receipt of gift funds and donor’s ability if applicable
  5. Copy of divorce decree all pages if applicable
  6. Copy of Green card or Visa if applicable
  7. Proof of receipt of child support/alimony if applicable
  8. Proof of SS/ awards letter if applicable
  9. Copy of your home owner insurance declaration page for all properties.
  10. Contact info for condo management copy or Trustee, contact info for insurance agency that holds master insurance if applicable

 

It might seems like a lot but trust me it isn’t. People find that it’s fairly easy to procure all these items when asked too. And honestly most if it is sitting right in your closet right now.

 

 

 

Floyd Ribeiro
EXIT Group One Real Estate
1501 Main St #19 (Route 28)
Tewksbury, MA 01876
Direct: 978 851 3600 Ext: 506
Email: fribeiro@gotoexit.com

Office: 978-851-3600
Fax : 978-658-0806

Website(s):http://www.buysellmiddlesexcountyhomes.com, http://www.Northshorehomesandrealestate.com

Facebook: https://www.facebook.com/FribeiroEXITGroupOne

Trulia:http://www.trulia.com/profile/fribeiro

Linkedin : http://www.linkedin.com/in/floydribeiro

Zillow : http://www.zillow.com/profile/FloydRibeiro

ActiveRain: http://activerain.com/profile/fribeiro

Sign Up! For my Newsletter: http://www.sharperagent.com/links/BBA22421

 

Tagged with:
 

Comments are closed.

Set your Twitter account name in your settings to use the TwitterBar Section.