Understand your financial condition Know exactly how much home you can afford before you begin your home search Strengthen your purchasing power when making an offer The first step in any home search is finding out exactly how much home you can afford and securing the financing to make the purchase. While you can get a rough estimate through Pre-Qualification taking the extra step to obtain Pre-Approval will give you some added advantages. Pre-Approval helps you : When you find a home you love and are ready to make an offer, your mortgage Pre-Approval lets the seller know that you’re serious and fully prepared to buy their home, putting you in a stronger position than other potential buyers. Why Pre-Approval Matters
The Pre-Approval Process Here are some of the documents that you will need to provide your lender to get the Pre-Approval process started: Income : Current paystubs- usually for last two months, W-2s or 1099- usually for last two years Tax returns, usually for last two years Assets : Bank statements Investments/brokerage firm statement Net worth of businesses earned (if applicable) Debts : Credit card statements Loan statements Alimony/child support payments (if applicable)
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