How To Get 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