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If you’re looking to take the stress out of the home-buying<br />
process, it’s time you acquired a pre-approval letter. This is a<br />
statement that indicates your loan officer reviewed your financial information<br />
in writing and has pre-qualified you. This simple yet effective<br />
process can help isolate common pitfalls inherent in the lending<br />
process, as well as give you, the home-buyer, as well as sellers and<br />
real estate agents, peace of mind in knowing that you can qualify for<br />
the loan for which you’ve applied.<br />
So how can you get pre-approved? It’s a matter of getting your<br />
“financial house” in order. Although pre-approval is often based on<br />
each client’s individual circumstances, there are some common<br />
documents needed for the process, including:<br />
PRE-QUALIFIED VS.<br />
PRE-APPROVED<br />
HAPPY HOUSE HUNTING<br />
Getting pre-approved can keep the<br />
search for your dream home from<br />
turning into a nightmare!<br />
• Last two years of income tax returns, all pages, all<br />
• schedules.<br />
• If you are self-employed and own more than 25 percent of<br />
the business, the most recent two years of business tax<br />
returns will also be required.<br />
• Last two years of W2s from your employer(s).<br />
• Most recent 30 days of paycheck stubs from your<br />
employer(s).<br />
• Most recent two months of asset statement, all pages,<br />
even if one is left blank intentionally. Asset statements<br />
would be checking and savings accounts, stocks, bonds,<br />
401K, etc.<br />
Gather these items and send them to your loan officer so he or<br />
she may review and issue a pre-approval letter to you and your real<br />
estate agent. This can provide the peace of mind that comes with<br />
knowing your transaction is safe and secure.<br />
One thing to keep in mind: pre-approval is not the same as a prequalification<br />
letter. The latter simply means that a loan officer has<br />
pulled a copy of your credit report and obtained information about<br />
your income and assets from a verbal conversation. <strong>Be</strong>cause of<br />
this, realtors and home-sellers do not value pre-qualification letters<br />
as much as pre-approval.<br />
The home buying process can be daunting, no doubt. With<br />
news reports detailing the difficulties in obtaining home loans and<br />
numerous house-hunting horror stories you might have <strong>heard</strong> from<br />
friends and relatives, the home-buying process can seem overwhelming.<br />
Getting pre-approved can help lessen the stresses associated<br />
with this process, and we’re happy to help. If you have any<br />
questions about the pre-approval process, or general qualification<br />
requirements, please contact our office directly.<br />
Adam Simmons<br />
Crystal Creek Mortgage<br />
ABOUT THE AUTHOR<br />
Adam has been in the mortgage industry since<br />
2004. He co-founded Crystal Clear Mortgage, LLC<br />
with Bryan Ward in 2008. Crystal Clear Mortgage is a<br />
mortgage brokerage company offering Conventional<br />
/ FHA / VA / USDA loan solutions throughout the<br />
State of Texas. Adam currently lives in Montgomery,<br />
TX with his wife of 9 years and his two children.<br />
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10/10/2013 12:56:28 PM
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