If you’re like most people buying a home on 30A, you’ll need a mortgage to finance your purchase. That means you’ll want to get preapproval before you start house-hunting so you know how much you can afford – and so that when you find your dream house, you can pounce on it and make an offer quickly.
But what do you need to get preapproved for a mortgage? Here’s what you need to know.
What Do You Need to Get Preapproved for a Mortgage Loan?
Before you can get mortgage preapproval, you’ll need to pull together all kinds of documents. That way, you have everything ready when you fill out and file your application. You’ll need:
- Checking and savings account statements
- Investment account statements
- A list of your outstanding debts, including those related to credit cards, student loans, auto loans and other lines of credit
- Tax returns from the past 2 years
- Salary and employer information, as well as check stubs or payment receipts
- Your Social Security number, as well as numbers for any other co-borrowers (like your spouse) so the bank can check your credit information
- Information on your down payment, including how much it will be and where you’re getting the money for it
Preapproval Tips
If you’re applying for loan preapproval, it might be a good idea to branch out and apply with different lenders. That way, you can compare your loan estimates and see which one is going to offer you the best terms and interest rates.
Are You Buying a Home Along 30A?
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