As you can see, pre-approval is the superior option. It can help you win deals and save money. It takes more time and paperwork, but if we get started now, we can have a pre-approval letter in our pockets as a tool to make stronger offers.
1. Proof of Income Usually two years’ worth. Recent pay stubs, tax returns, W-2s, proof of other income. 2. Proof of Assets Bank statements, investment account statements, deeds and titles … everything you own with resale value. 3. Credit Report The lender will usually pull your credit report. This is a “hard pull,” which does lower your credit score, — but the score reduction is minor and temporary. 4. Employment Verification Employment is verified through recent pay stubs, W-2 forms, or a written verification of employment (VOE) from your employer. Self-employed borrowers may need to submit additional documentation. 5. Other Documentation The lender will want to see your ID and will need your Social Security Number, so be prepared! Here’s what you need to get pre-approved:
2024 Buyer Guide · 6
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