By getting approved now, you will know exactly what you qualify for before you begin shopping. Sellers will know you are a serious buyer because your financing is already arranged.
When you call to get pre-approved you will need:
Personal Information
- Names
- Addresses
- Social security numbers
Assets
- Sources of down payment
- Bank names and approximate balances
- Information regarding stocks, bonds and 401Ks, and other financial assets
Debts – Information about:
- Credit cards
- Car Payment
- Installment loans
- Alimony and Child Support (if applicable)
Income
- Employer information for past two years
- Monthly Income>/li?
- Other Sources of Income (rental, alimony, child support)
When preparing to purchase a home:
DO
- Save every pay stub
- Save every bank statement (all pages)
- Pay every bill on time
- Make copies of all checks before depositing them (non-consistent income, gifts, tax refunds, etc.)
DON’T
- Bounce any checks
- Open any new accounts
- Visit automobile lots (where they check credit)
- Take cash back from deposits