PRE-QUALIFICATION vs PRE-APPROVAL

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Pre-Qualification may be done over the phone and is an informal discussion with the lender about what you can afford. The lender will ask about your gross monthly income, any bills that you have, what funds you are planning to use for a down payment and closing costs and what your credit history is like. Based on this information, the lender will give you their opinion about what purchase price you can afford.

Pre-Approvals are done by completing the application and providing required documentation as listed below. The loan officer then orders the credit report, processes the information and submits the loan for approval. The loan is approved subject to your purchasing a home.

1. W-2 forms or business tax return forms if you're self-employed for the last two or three years for every person signing the loan.
2. Copies of one or more months of pay stubs from every person signing the loan.
3. Copies of two to four months of bank or credit union statements for both checking and savings accounts.
4. Copies of personal tax forms for the last two to three years.
5. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account.
6. Copies of your most recent 401(k) or other retirement account statement.
7. Documentation to verify additional income, such as child support, pension, etc.
8. Account numbers of all your credit cards and the amounts of any outstanding balances.
9. Lender, loan number, and amount owed on other installment loans-student loans, car loans, etc.
10. Addresses where you lived for the last five to seven years, with names of landlords, if appropriate.

When the time comes to negotiate for the home of your choice, your agent will need a copy of your lender provided pre-approval certificate.

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