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Mortgage Information

Prequalified vs. Preapproved

Prequalified is based on a lender’s opinion – preapproved is based on verification of information.  Being preapproved means you can close sooner and enhances your negotiating position as a buyer.  Here is information your lender will require for pre-approval:

Pre-Approval Checklist

Income:                                               

þ     Most recent month’s pay stubs

þ     Most recent year’s W-2

þ     New employment? Bring offer letter or contract

þ     Self employed? Most recent year’s tax return

Debts:

þ     Account numbers

þ     Account balances

þ     Monthly payment

þ     Child support/alimony - amounts

Miscellaneous:

þ     Address for past 3 years

þ     Landlord/lender name, address, phone – past 3 years

þ     Employer name, address, phone – past 3 years

þ     Most recent bank statements for checking/savings

þ     Most recent bank statements for investment accounts

To Pre-qualify or learn about getting pre-approved click here.