5 Things You Need To Get Pre-Approved For A Mortgage

5 Things You Need To Get Pre-Approved For A Mortgage

Applying for a mortgage is pretty easy but what do you need to apply?  I will discuss the basic five items you generally need to apply for a loan.

1. Proof Of Income - You will need to prove your income to the lender, which can be done by providing bank statements, pay check stubs, and tax returns.  If you have other forms of non traditional income like a side business, alimony, child support or other misc. incomes you will want to have documentation of that income available.
2. Proof Of Assets - 401K statements, bank statements, IRA’s, investments and other similar statements.
3. Good Credit - The lender will pull your credit and review your credit report.  You can get a free copy of your credit report by going to this website.
4. Employment Verification - Just realize you don’t have to do much other than give your employer’s information, the rest is handled by the lender.  
5. ID - Have your ID ready, including your social security card as well.  Make sure your identification is up to date and not expired.

Those are the five things you will generally need to get pre-approved.  Have those items ready and by your side whenever you are ready to get pre-approved for a mortgage.  I hope you found this information usual and of value.

With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate.  I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.

Have questions about this or other topics, don not hesitate to contact me.

Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.

Luis Cuevas, Realtor®

RE/MAX Cross Country

1990 Justin Road

Highland Village, Texas 75077

(214) 783-0535

Luis@MakeNorthTexasHome.com

Check out my website for more helpful tips:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

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http://Facebook.com/MakeNorthTexasHome

How To Get Started Buying A Home

Many people are interested in purchasing a home but don’t know how to get started.  Who do you call?  Where do you go?  Online?  In person?  

When you are ready to move forward with buying a home your first step should be to either contact a loan officer or real estate agent.  Let’s start with a loan officer, the reason you would want to meet them is to get qualified.  When meeting with a loan officer they will either get you approved or denied for a home loan.

If you are approved they will outline the details such as the loan amount you qualify for, closing cost, down payment requirements, terms and other important details.  You will also receive a pre-approval letter stating you are approved, it is this letter that you will need to start looking at homes.

What if you are denied, what should you do or expect?  The reality is many people get denied and that is perfectly okay.  The loan officer will give you an evaluation as well as a plan on what to do to be able to qualify in the future.  Figure out that plan and execute it, this will insure you are headed in the right direction to be able to qualify in the future.

Next it is a good idea to meet with a Realtor®, I suggest this for several reasons.  Regardless if you are mortgage approved or not it is a good idea to know the process of actually searching for a home, making an offer but more importantly learning the market.  I like to show buyers what the market is doing in the price point and area they are interested in.  This gives buyers a realistic idea and expectation of the market so they are clear on what to expect.

The key to starting your process is to be prepared.  Be ready to apply for a mortgage, learn what the market is like and what it will take to be a successful buyer.  Being prepared is key in my opinion and leads to a better buying experience.

With the heart of a teacher I strive to educate my clients so they can be better informed.  I strongly believe an informed consumer makes better decisions and are less likely to be taken advantage of.

Have questions about this or other topics, don not hesitate to contact me.

Don’t forget to “LIKE” this video and be sure to Subscribe to my YouTube Channel as well.

Luis Cuevas, Realtor®

RE/MAX Cross Country

1990 Justin Road

Highland Village, Texas 75077

(214) 783-0535

Luis@MakeNorthTexasHome.com

Check out my website for more helpful tips:

http://MakeNorthTexasHome.com

Subscribe to my YouTube Channel:

http://Youtube.com/MakeNorthTexasHome

Follow me on Facebook:

http://Facebook.com/MakeNorthTexasHome