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Before you begin to search for a home you should get PRE-APPROVED for a home loan. Pre-approval is a commitment from a lender to loan you a specific dollar amount, before you have started your home search. It is an actual HOME LOAN APPROVAL, but the loan is not tied to a certain home. Your lender will make a thorough analysis of your financial position based on credit history and the documentation you provide to verify your income and debts.
Once approved, it means that your lender is satisfied with your financial information, has evaluated their risk in making a loan to you and concluded that you have the financial strength to pay the loan back.
There are a number of advantages to getting PRE-APPROVED for a home loan:
- Sellers will know you are serious about purchasing their home when you show them your Loan Commitment Letter from your lender. The commitment letter is written proof that the lender will loan you the amount of money required to purchase the seller's home.
- You will have an edge over other home buyers who have not been PRE-APPROVED. Basically, the home seller will consider you to be in the same position as a cash buyer. Furthermore, when competing offers are being made on the same home, PRE-APPROVAL can make the difference between your acquiring the home or losing it to another buyer.
- PRE-APPROVAL also assures the seller that you are searching for homes that are within your ability to purchase.
DO NOT CONFUSE PRE-APPROVAL WITH PRE-QUALIFICATION
Pre-qualification is the starting point in the loan process. A lender will ask you to complete a preliminary application that contains some basic financial questions regarding your work experience, monthly income, outstanding debts, and available cash. You will have pre-qualified for a home loan, if after reviewing your application, a lender estimates that your answers appear to have met pre-determined loan qualification guidelines that merit continuing the loan process with you.
BE PREPARED
- Make sure your credit report doesn't contain any errors. If you find errors contact the credit reporting companies and have the errors corrected.
- Experian, 1-888-397-3742, www.experian.com
- Equifax, 1-800-685-1111, www.equifax.com
- TransUnion, 1-800-916-8800, www.TransUnion.com
- Have the following documentation available for your lender:
- W-2 (2 years) and pay-stubs for the most recent 30 day period.
- Landlord's Name and Address for the past 2 years.
- Employer's Name and Address for the past 2 years.
- Names, Addresses, Account Number and Balances for All Bank accounts
- Bank Statements for all accounts for the past 3 months.
- For All Open Loans, the Lender's Name(s), addresses, account numbers, monthly payments and balances.
- Latest Credit Card statements
- We recommend that you become familiar with the Uniform Residential Loan Application.
You can print a few copies of our PDF formatted version. Use one copy as a worksheet. Read it thoroughly and answer all the questions. This will give you a better understanding of what is important to your lender. You can update and make corrections on the other copies. This process will make it easier for you when it comes time to complete the real application.
CLICK TO DOWNLOAD the PDF formatted version of the Uniform Residential Loan Application. (You may print as many copies as you would like from your viewer)
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