Question: What is the difference between pre-approval and pre-qualification? Answer: The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer. Question: What type of documentation is needed when I apply? Answer: Past two (2) years, W-2 statements. Pay stubs covering the last (30) thirty days. Most recent three months' bank statements. Most recent transaction summary of 401K or IRA accounts. Statements of mutual funds, stocks, or bank accounts. Copy of the Purchase and/or Sale Agreement If you are currently renting: either 12 months' cancelled rent checks or the name and address of your current landlord. If divorced: a fully executed divorce decree. For a refinance: a copy of the deed, and most recent tax bill. A letter of explanation for any known credit problems. For self-employed borrowers, employed in sales, paid by commission, or owns rental real estate: Two (2) Years, signed personal tax returns including all schedules. If self-employed through a corporation: last two (2) years, corporate returns as well as a year-to-date profit and loss statement and balance sheet.                          Apply Now!

1. When is the best time to refinance? 2. I have had some credit problems in the past. Can I still apply for a mortgage? 3. What is the difference between pre-approval and pre-qualification? 4. What type of documentation is needed when I apply?       Don't see your question listed here?    Click here to Ask Us!

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