Loan & Lender Info

There are two types of pre-lending classifications. Here's what they mean:

• Pre-Qualification is the process where a loan officer reviews the financial information provided by you, pulls a free in-file credit report to make a general qualification. This can usually happen over the phone.
• Pre-Approval is where a loan application has been completed, proper documentation has been provided by you to the loan officer and the loan officer pulls a Residential Mortgage Credit Report (these reports generally cost $35 and show up on future credit reports as a credit check). The loan officer then provides a pre-approval letter which assures the sellers and listing agent that you have the financial strength to go through with the purchase. A copy of this letter is presented with your offer.

When you find a lender you are comfortable with, you will be asked to provide the following information when applying for a home loan:

• Applicant(s) Social Security Number(s)
• Residence Address History for 2 Years
  • If renting:
    § Your landlord’s name and phone number
    § Lease agreements
  • If a home owner:
    § Annual property tax
    § Insurance amounts
    § Current title holder information
• Two previous years W-2 & current YTD pay stub
•  If self-employed, two years tax returns, current P&L
• Previous 3 months checking and savings account statements
•  Names, addresses, account numbers, balances and monthly payments of all open loans and credit cards with balances
• Addresses of other real estate owned
• Loan information of other real estate owned
• New property type and address
• Bank names, approximate checking and savings balances
• Final Purchase Agreement