Checklist for Getting Pre-Approved for a Mortgage
First, know the difference between pre-qualified and pre-approved. Pre-qualified you share your financial information with the loan officer without necessarily providing documentation and you are told what you may pre-qualify for in terms of a mortgage loan. Pre-approval requires documentation and lots of it! This will be done prior to you being approved to actually receive a loan. In this market pre-approval can mean the difference between getting the home you want or not. So what kind of documents do you need to have in order to go through the pre-approval process -
. Employment history - 2 years of history including address and supervisor(s) contact information.
. Residential history - 2 years of history including address(es) and if applicable, landlord information.
. Driver's license and social security card of all applicants.
. One month of most recent pay stubs.
. 2 years of most recent W-2 forms.
. 2 years of most recent federal tax returns (ALL pages and schedules). Must be signed and dated.
. 2 months of most recent bank/asset statements (all pages required).
. Homeowners insurance company, agent, and phone number.
Depending on the mortgage company, additional information may be required, but this is a good start to getting documents in order to go through the process. REMEMBER: DO NOT make any large purchases during this time.