What is a Mortgage Pre-Approval?
Do You Know the Difference Between a Pre-Approval & A Quick Qualifier?
Many people go out home-hunting without even having spoken with their bank or mortgage broker!
Sometimes people go online and punch in their numbers for a Quick Qualifier, the problem with this is there are no supporting documents that the bank certainly will ask for at some point!
To know for sure a lender is going to give you the mortgage funds on closing you need to provide:
A clean credit report
Confirmation of down payment & closing costs
Confirmation of income
If you are employed you will need two items of proof (Letter of employment, pay-stubs, tax returns, bank statements)
If you are self-employed or on commission you will need at least two years Tax Assessments (net returns filed)
Many times problems occur with a quick qualifier when someone is self-employed or on commission as the GROSS income is quoted to the lender but when it comes to proving the income the banks only use NET.
Let us know if you have any questions or concerns in the comments section below or by using the "Contact Us" button :)
Rylie C aka OneWheel Realtor