In 13 years, I have done business a certain way. As a result our closing ratio once we issue a pre-approval letter is over 99.75%, so I continue to do business a certain way. The reason is, if you work with us and you write a contract to buy a house, you want to close. I recently had a client decide to go another direction. The reason was; the other mortgage lender asked for “less upfront”. I’ll put 99.75% up against anyone in Denver, and you’ll close when you work with us. You won’t get a call a week before closing with the excuse “The underwriter…..” Sorry, that should be phrased “Your loan officer….” My clients are ok if it takes a few extra steps to get pre-approved knowing our track record.
So what you need to get pre-approved for your mortgage. Anything your lender asks. But seriously you will need to be organized. Here is the short list; then anything your lender asks after they review the following:
- 2 Years W2s (All jobs)
- 2 Years Federal Tax Returns (All schedules, statements)
- 2 most recent pay-stubs (Covering 1 full month earnings, so in some cases that is 1 or 4 checks)
- 2 months bank statements (All pages)
- Valid ID
** From there, if you have rentals, are self-employed, will be getting gift funds for down payments, had a bankruptcy, foreclosure, short sale, support/alimony orders; then anything your lender asks for in follow up.
Be prepared and make sure your lender asks plenty of questions so they can help you carve out a successful strategy for your home buying process.
Chew on this!