Local Real EstateUncategorized June 26, 2022

Getting Pre-Approved

You want to make sure you not only get a home when you are ready to purchase one, but once you get an offer accepted you also want to make sure you’re able to close escrow. So before you start, you want to get pre-approved!
Hi, I’m Maya Crelan Ray with David Lyng Real estate, let’s talk about pre-approval. A pre-approval is a verification of your ability to borrow money to purchase a home. A lender will look at your credit score to see what programs you may qualify for, what interest rates are available to you, and will also need the following documentation if you’re a W2 employee: 1. Last month of pay stubs; 2. Ast 2 months of bank statements; 3. Last 2 years of tax returns; 4. Your Social Security Number if you are self-employed, your lender will also want: 1. Last 2 years business tax returns; 2. Last 3 months Profit & Loss statements. After receiving these, your lender may be able to issue you a pre-approval. This should state the maximum amount you can borrow and the financing program you’re qualified for. This letter is good for 90 days, after which you’ll need to verify your information with your lender again. Follow these tips and the tips in my 10 Commandments of Buying a Home video and you will make the process that much easier! Give me a call and I will be sure to give you any information you need and help connect you with a lender! Maya Crelan Ray with David Lyng Real Estate and I hope you have a great day!