Lagniappe Living in Lake Charles, Louisiana

Pre-Approvals and Documents Loan Officers Need From Buyers

 

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

*

******************************************************************************************

For more information on Lake Charles Real Estate, visit my website.  You can search homes for sale in Lake Charles, Louisiana,  and view up to date information on Lake Charles Subdivisions, Neighborhoods

Find Lake Charles Realtor Marilyn Boudreaux Century 21 Mike D. Bono & Co.'s on Google+

If you are planning a move to or from the Lake Charles, LA area, I can help!   I am a full time Realtor licensed by the Louisiana Real Estate Commission and am affiliated with:


Century 21 Mike D. Bono & Co.'s

4410 Nelson Road, Lake Charles, LA, 70605 USA

337-478-1578 or 337-499-9592

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.  

 

Follow me on Facebook

Marilyn Boudreaux Century 21

GOOGLE ME 

Google ME

 

 Marilyn Boudreaux Copyright 2012

 

Comment balloon 1 commentMarilyn Boudreaux • May 09 2014 04:28PM
Pre-Approvals and Documents Loan Officers Need From Buyers
share
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… more
Your Help is needed to Preserve the Mortgage Interest Deduction
share
American Homeowners have been able to deduct mortgage interest for years. You probably just finished filing your 2010 taxes and if you are a homeowner I bet you deducted your mortgage interest. Well now The Mortgage Interest Deduction is… more
Change Coming Round the Bend Monday- FHA Funding Fee and Seller…
share
The new FHA Funding Fee goes in to effect on Monday, April 5, 2010 Currently it is 1. 75% of the amount of the loan. New amount will be 2. 25%. If you have a signed contract before April 5th and it has been registered… more
100% Financing in Danger! Replinish USDA Funds for Rural Development…
share
Some of you may not be aware that Rural Development has notified participating lenders that they anticipate funds to be depleted by April 30, 2010. A Rural Development loan is a 100% financed 30 year fixed government loan available to… more