Mortgage Broker Santa Monica | 5 Things You Need to Be Pre-Approved for a Mortgage
Mortgage Broker Santa Monica – If you’re planning to purchase a home, one of the first steps is to get pre-approved for a mortgage. To do this, you’ll need to provide certain documents to your mortgage broker, so they can better understand your financial situation. This may include proof of income, bank statements, tax returns, and credit reports. It’s important to have these items handy when applying for a loan since they will be used to determine if you’re eligible for pre-approval and what type of mortgage you qualify for.
5 Things You Need to Be Pre-Approved for a Mortgage
- Fill out an application – the technical name for the application in the mortgage industry is 1003
- Copy of all pages of your previous two months’ bank statements (Including any savings, checking stocks accounts, 401k, or IRA accounts)
- Copy of current pay stub/earning statements covering 1 month
- Copy of your driver’s license and SS Card
- Copy of your previous two years of full federal tax returns (with any 1099s and W2s)
- (Only for applicants who desire a VA Loan) Copy of the DD-214 and/or Certificate of Eligibility
Quick Tips To Simplify The Pre-Approval Process
If you want to simplify the pre-approval process, here are a few quick tips.
First, make sure to get all your financial paperwork together before you start the application. This will save time by having everything ready for when you contact your mortgage broker.
Second, be realistic with your budget and expectations – this will help your mortgage broker determine which loan is best for you.
Lastly, don’t be afraid to ask questions or request additional information if needed. It’s important to understand the process and what’s happening every step of the way. With these simple steps, you can make the pre-approval process easier and more efficient!
Mortgage Broker Santa Monica | Bonus Tip
Typically, the most difficult part of the process for the borrower is submitting the previous two years of tax returns. We’ve found that emailing your accountant and cc’ing us is the best way to accomplish this. That way, your accountant has your permission to release your tax returns, and if we need to follow up on anything else, we can work on your behalf and keep you informed.
To get answers to other frequently asked questions visit our website and blog section: Mortgage Broker Santa Monica and Mortgage Broker Santa Monica Blog