What do I need to get a mortgage pre-approval?

You Are A Lot Closer Than You Think

Buying a home is an exciting step for many people. For serious home-buyers, the most important step is to get pre-approved for a home loan. What exactly does one need to get pre-approved so that the process of owning a home becomes easier? As your trusted Realtor Advisor, I’m going to guide you through the most vital part of getting a pre-approved.

Proof of income is the first step to getting pre-approved for a mortgage. Proof of income can
accommodate a few things. These items have been listed below for your ease.

1. Latest 2 years of W2 tax returns

The W-2 tax returns reports are important to lenders, and they help the mortgage banker calculate the buyer's income along with the payable tax on their income. This information allows them to make a calculated decision regarding your pre-approval.

2. Latest paycheck stubs

Paycheck stubs are again used as a verification for your income and everything you have earned throughout the year. It also displays all deductions and bonuses on the buyer 's income, allowing for a thorough check on their income by a mortgage banker. Some lenders might resort to asking for income letters along with pay stubs.

3. Recent 2 months bank statements (all accounts)

Bank statements are the final aspect of your income that a mortgage lender will check. This check is to ensure that the buyer is truly capable of paying off the mortgage in terms of down payments, principal costs, closing costs, and any future loan amounts that might come up. Having consulted numerous bankers on this one, lenders will ensure that bank statements submitted for pre-approval are free of bounced checks and questionable deposits.

If you can gather these documents to the banker chances are your pre-approval will be pretty fast and simple. From here, the banker will meet with you to run through the documents, run your credit report and go over options with you.

Interested in finding out how much of a home you can afford? Talk to some of the lenders that have helped my clients. Let me know when to make a personal introduction to anyone on the list.

About Gerardo Zavala, Realtor

There is a true passion for connecting people with real estate that makes me fall in love with my career over and over again. While my title says, REALTOR® I think I am much more than that. For example, I am present and actively listening to my clients needs, on the spot when things are urgent, and by your side to say “congratulations.” Most of my clients will say that I am a connection away from support no matter the situation, day or time. In my opinion, customer service, educating the client on progress and next steps, and overall satisfaction are my top priorities. How can I help you?

What do I need to get a mortgage pre-approval?