Obtaining a mortgage pre-qualification is the first step in determining the home price and mortgage monthly payments that you can afford. Determining a price range may help alleviate some of the stress of shopping for a home. Your offer will be stronger in the eyes of the seller, because it is more secure.
In order to determine the mortgage amount for which you may qualify, lenders will request to review the following information:
Two most recent tax returns
30 days of most recent paystubs
Last 2 years’ W2 forms and/or complete federal tax returns
Recent copies of asset statements
Current mortgage statements and/or leases on rental properties
Copy of photo IDs
Contact me to learn more and obtain your FREE pre-qualification.
Once this information is reviewed, your lender will tell you the approximate maximum loan amount for which you could expect to qualify. This amount is based on an analysis of your financial situation.
With a pre-qualification in hand, you can start shopping for a home that meets your needs and budget.
If the realtor you pick suggests you use the in-house lender, know that you have other options. You want to be sure you select an experienced mortgage consultant who will help you find the right mortgage option. Additionally, you want to be sure your mortgage consultant will work hard for you and get you to the closing table on time with as little hassle as possible.