Tia Stanley, REALTOR®
Weichert Realtors Eastern Shore

"I Love It When People Ask What I Do
That Is Different From Every Other Agent"

What You Need For A Lender To Pre-Approve You

 It is important to know the difference between pre-qualified and pre-approved. Pre-qualified tells you how much you can afford to buy and is obtained by telling your lender how much money you make, how much you owe, and allowing them to run a credit report. This is a great place to start, but the most important factor is the pre-approval, which will tell you if you can buy a home. This is obtained after the lender verifies all of the information indicated below. A pre-approval letter will be of great benefit in strengthening any offer you make on a home. Ask your REALTOR for a recommended lender. 

1. W-2 forms or business tax return forms if you're self-employed for the last one-two years for every person signing the loan.

2. Copies of two most recent pay stubs that show year-to-date income for every person signing the loan.

3. Copies of two to four months of bank or credit union statements for both checking and savings accounts.

4. Copies of personal tax forms for the last one-two years.

5. Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, e.g., a boat, RV, or stocks or bonds not held in a brokerage account.

6. Copies of your most recent 401(k) or other retirement account statement.

7. Documentation to verify additional income, such as child support or a pension.

8. Account numbers of all your credit cards and the amounts of any outstanding balances.

9. Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.

10. Addresses where you have lived for the last five to seven years, with names of landlords if appropriate.

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