The pre-approval process is an opportunity for homebuyers to stand out among other buyers in the market and to show that they can financially handle the responsibility of homeownership. Sellers want to deal with buyers who are serious. This is your chance to show that you want your offer to be accepted!
During the pre-approval process your loan officer will initially enter loan information into a computer generated underwriting system that will provide a decision or “pre-qualification.” This information will include amounts from your pay stubs, tax returns, and checking and savings accounts. Unlike most lenders, the same person who will be reviewing your pre-approval will be responsible for signing off on actual loan conditions when your loan is approved. This means there is a smaller chance for error in the loan process, and a greater chance that your application will proceed smoothly.
As the buyer of a home, pre-approval is your best opportunity to stand out from the multiple offers that have been made on any given property. Contrary to popular opinion, the amount of your offer is not always the determining factor. The listing agent of any given property is on the lookout for an offer that will provide their client with the fastest closing and the most value for the property. That’s where we come in! Unlike most lenders, we can fund your transaction in less than 25 days!
Upon completion of this application the following information will be reviewed and verified. These items can be mailed, scanned, faxed, Fed-Exed (I will provide our account information) or physically brought to our office. These five items are:
- 30 days most recent pay stubs
- 2 years most recent federal income tax returns and corresponding W2’s if applicable
- 60 days of asset statements to verify the source of the down-payment/ reserve requirements if applicable
- Mortgage statements and insurance declarations of any owned properties
- Divorce decree and child support agreements (if applicable)