Take the Stress out of Home Buying- Get Pre-Approved for Your Loan First!
A pre-approval is a simple calculation done by a mortgage lender that tells you the amount you’ll be able to finance and what your monthly payment will be. A pre-approval also reassures the seller that you have the financial means to purchase his or her home.
Knowing what you can afford is the first rule of home buying, and that depends on how much income and how much debt you have. The price you can afford to pay for a home will depend on several factors, such as: gross income the funds you have available for the down payment, closing costs and cash reserves required by the lender your debt your credit history and the type of mortgage you select with current interest rates.
I cannot stress enough the importance of obtaining a pre approval letter, before beginning your Lake Charles Home Search
Buyers should speak to a lender FIRST to know how much home you can afford. You don’t want to have your heart set on a $200,000 home, only to discover that you can only afford a $175,000 home.
Documents Buyers Need for Pre Approval Loan Application include:
Most Recent last two years of tax returns (include all schedules & W2s)
Most recent pay stubs for the last 30 days from your current employer
Checking/Savings account bank statements from the last two months (all pages)
Copy of your driver’s license (front and back)
Most recent statements for all stocks, bonds retirement accounts etc.
Copy of your social security card
Child support/alimony/divorce property settlement etc. final court docs
If you do not have a copy of your tax returns you will be required to obtain your tax transcripts from the IRS
CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated. The information contained in this blog is believed to be reliable and while every effort is made to assure that the information is as accurate as possible, the author of this blog, and its comments are not warranted or implied representation of it's accuracy, All information is copywritten and the property of the Author, Marilyn Boudreaux.