Shopping for your dream home is the best part of buying a house, but before you can do that, you should get pre-approved by a qualified mortgage lender or broker.
The majority of sellers will not even entertain your bid if you don't have a letter of pre-approval.
What do you need to get pre-approved for a mortgage?
- Proof of your income, usually with W-2 statements from the past two years. Alimony or additional bonuses also need documentation.
- Documentation of your assets, including your debt-to-income ratio and credit score.
- Lenders need to know that you have a stable income and are currently employed, so they might call your employer to verify employment.
- Government-issued IDs and your social security number