When you’re home shopping, the absolute first step is to find out how much home you can afford. The only way to do this, unless you’re buying the place with cash, is to get pre-approved. Since it’s the all-important first step, we wanted to answer the question of “How do you get pre-approved for your mortgage?”
The first step is the application. We take your application online or through a call to your office, and ensure that your full application is available. Even if you fill out the full online form, we will need some other information, so we will call you back. You’ll need some documents through the process, so collect the following:
- Paycheck Stubs
- Bank Documents
- Investment Documents
- Tax Documents
- Profit Statements (Only if self-employed)
- Proof of income from rental properties
- Proof that a gift is not a loan
- 12 months of canceled rent checks and bank statements
- Divorce decree
- Proof of age of children in child support is involved
- Bankruptcy discharge paperwork
You may not have or need all of this paperwork for your pre-approval, but you’ll need it to close your loan, so it’s good to get it all together before you call, to make the process faster. The more prepared that you are, the faster you get approved.
The Home Loan Expert team will then work up your loan, and get your pre-approval number to you. When you have this in hand, you’re ready to shop for your dream home with the confidence that you can make an offer.
A pre-approval is a powerful weapon in a competitive mortgage market. It gives you a leg up on the other home shoppers that aren’t as prepared as you are.
When you have your paperwork ready and are ready to buy your home, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?