Pre-qualifying for mortgage. First-time homebuyer. What documents do I need to take with me?
I have a couple of appointments to get pre-qualified for our first mortgage. What all do they need so that they can pre-qualify me? W2s, pay stubs? Any other general advice? Are there certain requirements to be approved?
- 1 decade agoBest Answer
It would probably better to work towards pre-approval rather than prequalification.
I recommend having on hand:
Pay stubs (2 most recent)
3 months recent bank statements
social security card
pull your own credit reports AND scores from all three bureaus at http://www.truecredit.com ($14.95) and take those with you
Don't let anyone else run your credit until you are ready to commit to a lender or loan agent. The more they pull it, the more points you lose.
Show them your docs, but don't let them make copies or leave them there. The fewer people who have your personal information, the better.
Don't fill out a loan application until you are ready to commit. If they won't work with you based on you showing them the docs and your report, take a walk and find someone that will.
Depending on your state, I may be able to recommend a few loan brokers/mortgage bankers to you.
Hope this helps!Source(s): Experience, CA Broker
- 1 decade ago
All you need is paystubs and a list of outstanding monthly debts (car payments, student loans, credit cards). Pre-qualifying is a very informal procedure, but it gives you a price range you need to be looking at. Usually whatever they tell you, take about 15% off of that and look in that price range, because they are not considering property taxes, insurance, and PMI.
- 1 decade ago
Rental history also need it.
On the first appointment you will be interviewed by a loan officer. It is necessary to better determine your financial situation, what you can afford and which program is perfect for you. After that they will tell you what they need in order to process a loan. Please, do not pull your credit report many times it will lower your credit score. If you going to shopping around do it in short time period -2 weeks. And ask for credit report copy, so you can use with other brokers.
- tummonsLv 43 years ago
i'm no longer likely to signify a corporation. i like the 1st reaction given. i visit bypass over 2 forms of lending establishments. loan financial organization: A retail arm of a financial organization. many times low costs, extra durable to qualify, somewhat greater costs of interest. loan broking provider: A wholesale lender. many times has the alternative of low costs yet might cost greater costs, somewhat decrease costs of interest, much less difficult to qualify. A broking provider might nicely be sturdy or undesirable. evaluate 2 of each and every and notice which does the final deal.
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- Anonymous1 decade ago
Pay stubs and W-2s are useful, but I would prepare two things: a balance sheet, showing what you own and what you owe, and an operating statement, showing where your money comes from and where it goes. Take all this to your prospective lender, and they will be impressed with your thoroughness.
- 1 decade ago
For a pre-qual, you don't really need anything. Just you. It should take about 20 minutes to get all the information you need to pre-qual someone.Source(s): I am a Loan Officer
- NancyLv 41 decade ago
To prequalify you don't need any documents. I didn't. However, I did need a couple of things for preapproval.