Shop with Confidence

Shop with Confidence

Financing pre-approval is an essential step that needs to be handled before buyers begin searching for a home. According to the latest National Association of Realtors® Confidence Index Survey, 88% of all buyers required financing to purchase their home last year. Starting your home search with a pre-approval has many benefits including confidence.

PRE-APPROVAL GIVES YOU CONFIDENCE

• Knowing the amount you can borrow
  the mortgage amount you can afford decreases as interest rates rise
• Looking at homes in the right price range
  price, size, amenities, location
• Comparing and identifying the best loan programs
  rate, term, type, assistance
• Uncover issues early that could affect the most favorable loan terms
  time to cure possible problems
• Bargaining power to negotiate with the seller and potentially outbid competing buyers
  price, terms, & timing
• Settlement can occur sooner after contact is accepted
  verifications have already been made

Items Needed for Pre-Approval

• Photo ID
• Two months current pay stubs
• Last two years W2s
• Complete copies of checking and savings statements for last three months
• Copies of statements for IRAs, 401k, savings, CDs, money market funds, etc.
• Employment history for last two years with addresses and contacts
• Proof of commissioned or bonus income
• Residency history for last two years with addresses and contacts
• Assets for down payment, closing costs, and reserves; must provide paper trail
• If self-employed, last two years tax returns, current profit and loss statement and balance sheet; copy of partnership/corporate tax returns for last two years if owning more than 25% of company
• FHA requires driver’s license and social security card
• VA requires original certificate of eligibility and DD214
• Other things may be required such as previous bankruptcy, divorce decree

Contact us at (907) 789-5858 if you’d like a recommendation of a trusted mortgage professional.