Getting Pre-Qualified For Your Loan
Pre-qualification for a loan is a simple and very helpful procedure when looking to buy property. It is very helpful in narrowing down potential property when we know the amount of money which is indeed available to the prospective buyer. In fact, many real estate agents will not even entertain an offer unless the potential buyer is pre-qualified. A few moments with a loan officer prior to searching for that perfect property can save days of wasted time and much frustration on all parties involved.
Here are the things you need to make pre-qualification a snap.
1. You will need the last 2 years Federal tax returns (for all parties on the loan application). If you are self-employed and under a corporation, LLC, etc., you will need the last two years of business/corporation Federal tax returns as well.
2. Last two years W-2's (for all parties on loan).
3. Most Recent pay stubs, as proof of employment. If you are self employed, a letter from your accountant stating your self-employment and length of being self-employed.
4. A copy of your Driver's license.
5. A personal Assets statement.
Make several copies of all these, so you retain the originals.
Also, it is OK to shop around for loans. Multiple inquiries into your credit report, as long as they are from similar agencies (banks and mortgage companies in this case) and all within 60 days, does not adversely affect your rating. So make sure you can get the best rate by having several companies compete for your business.
Ask your potential lender your credit score, and if there are any steps to improve it. Sometimes simply paying that forgotten bill will jump your rating to a lower rate bracket.
our marketing strategy
