The steps for a successful home loan
. Online prequalification is a tool that you can use. By that way, after connecting with a loan officer, you can find out approximately how much you can borrow.
. With this number, providing your information and allowing your loan officer to run your credit report is necessary to verify your assets and income.
. Your loan officer can help you to get a complete written approval and to obtain an appraisal. After that, you can make an offer on a house.
You should recognize that having prequalifications and pre-approval letters are different. Once you can get pre-qualifications, your mortgage lender can request you to provide all the basic info. After that, they would determine the loan program and the amount which you may prequalify for. Once you can get pre-approval, you should give all the documents that your lender requested you. They do that for the purpose of verifying your information to move to the next steps of your loan “underwriting and approval”.
Doing prequalification can be easily, quickly and online. Your lender could request you to provide the following documents to take the next steps and to get pre-approval:
- Tax returns and W-2 forms from the last two years.
- Bank/asset statements from the last 2 months.
- Paystubs form the most recent 30 days.
- Valid photo ID.
The things that you should remember are that by providing any and/or all of this documentation, you are in no way obligated to accept the terms and conditions of the mortgage offered, nor do you have to furnish these documents to get a Loan Estimate (LE).
The important things for the prequalification
To be successful for the prequalification, there are somethings that you need to remember
- Don’t start a shopping house before being prequalified.
- Don’t pack or ships any important documents, for example tax returns, bank statements, pay stubs and W-2s
When you begin shopping for a house, prequalifying for your home loan is nescessary. It can save you hours of unneeded stress and heartache. After getting the notification of the approximate amount, you can have enough money in advance. Then, you can meet your realtor, well-informed and ready to make an educated buy. With the pre-qualifications, a homebuyer also is more motivated in the eyes of a seller.
In the sameway, if you are holding on to your paystubs, bank statements, and tax returns, please pay all your bills on time to keep your loan process moving speedy even speedier. If you plan to use a down payment gift from your family, it also helps to have a paper trail of any large deposits, as well as to notify your loan officer directly.
*Before and during the financing process, please not to do these actions to prevent any unnecessary confusion.
Before and during the financing process, avoiding these actions can help you to prevent any unnecessary confusion.
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