For most people, buying a home requires borrowing money. How much you borrow, the terms of your loan, and the lender you select will depend on your unique situation. However, the process of getting pre-approved for a mortgage is similar for most lenders. First, you need to gather the required information (see list below), then give that info to the person handling your loan. Once a pre-approval is obtained, let your Realtor know and provide a copy of the pre-approval letter if needed. You can now shop for your new home with the knowledge of how much you can afford and the assurance that you have met the preliminary requirements of getting a home loan.
In order to pre-approve you for a mortgage, you must provide the following information from any applicant that will be on the mortgage. Texas is a community property state, so if you are married you must provide information for both spouses.
What you need to get pre-approved:
- Full Legal Name
- Dates of Birth and SS#’s
- Work, Home, and Cell Phone Numbers
- Any Children Living At Home? Ages:
- Where each applicant has lived for two (2) full years with zip codes and exact dates.
- Where each applicant has worked for two (2) full years including employers names, addresses, phone numbers, exact dates of employment, position held, and rate of pay.
- Banking institution name and approximate account balances for all accounts.
- Have you ever declared bankruptcy? Had a house foreclosed on? Do you pay alimony or child support? Are you in a consumer credit counseling program?
- Do I have permission to pull your credit report?
Whew! That should do. You will also need to provide documentation to verify the above in the form of:
- Most recent 30 day pay stubs
- Last two (2) years W2’s
- Most recent one month bank statements on all bank accounts held.
If you need help finding a lender or mortgage loan in San Angelo, call or email us today. We can guide you through the process of finding and securing a loan as well as coordinating with your lender throughout the purchase to ensure a smooth transaction. Fill out the form below or call (325) 481-0500 to speak to one of our licensed professional San Angelo real estate agents today!