Get Pre-Approved

Preapproval is the process a potential home buyer goes through with a lender to determine the amount of home they can purchase. There are many advantages to going through this process prior to looking for a home. Below a few of these points are briefly discussed including what documents you will need to get preapproved.

 

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Personal Information
Contact information
Address
Credit Information
Monthly Payments
Years at Job
Comments

 

Why is it important to get pre approved before looking for a home?

  • Look for the right home

    • It does not make sense or a good use of time to look at houses you cannot afford. Nothing is worse than finding a dream home but coming to the realization you cannot afford the property. This process will allow you to set your parameters of homes to preview based on your preapproval.

  • Examine the homes you qualify

    • Understanding which price point you qualify for will give you more time to focus on a smaller inventory of homes. By providing you this additional time, you can focus on which homes best meetsall your needs. 

  • Stronger bargaining & increased negotiating power

    • The seller of the home is going to be more interested in negotiating with you than other purchasers because you have been preapproved. They can also consider taking a lower price knowing you are already preapproved and possibly able to close the transaction sooner.

 

Documents you need to get preapproved:

Last 2 years of W-2’s
Last 30 days of Paystubs
Last 2 years of tax returns if you are self employed
Last 60 days of bank statements
Copy of Drivers License