A pre-approval will give you a leg up as a homebuyer. Here is what you’ll need to get one.
Often I hear buyers ask, “What do I need to bring to my lender so that I can make an application for a loan?” Here’s your checklist.
First, you’ll need at least three months’ worth of bank statements. You’ll also need proof of down payment, which will come from those bank statements.
You’ll need a list of any investments that you have, statements from your investment accounts, and statements from your retirement accounts. These will also be used to show reserves that may be required for you to get that approval.
“The more information you bring, the more you’re set up for success.”
Tax returns will need to be presented, and you should be prepared to write a check for an appraisal fee, too.
The lender will typically do a credit report check on you to show how many bills you have, what your total debt is, and what it’s costing you each month to live. This will help them determine how much you can afford for housing.
If you’re paying or receiving child support, you’ll need proof of that. If you have unemployment or disability income, you’ll need proof of that, too. The more information you bring, the more you’re set up for success. When you meet with your lender, the goal is to walk out with a pre-approval letter. This will show sellers that you’re serious and give you more buying power.
You can also make this process easier by uploading all of this information right into my real estate app that’s on your phone. If you don’t have it yet, you can download it here.
If you have any questions about this topic, don’t hesitate to reach out via phone email. I look forward to hearing from you soon.
