What do I need when getting "Pre-approved" for a home loan?

The very first step when you have decided you'd like to buy a home should be getting "pre-approved" for your loan. This will help guide you to the right price range and also if you find that perfect home, you will be armed with a pre-approval letter which is what you need to make an offer on the home. Sometimes waiting for that letter will take time and when you find the home you want, you may lose it while you wait for your preapproval to be completed. Best to do this step first! Your first consultation, whether over the phone or in person, you usually need the following basic information to tell your lender.

• Name, Address, Social Security Numbers for you and anyone else who will be applying for a loan
• Income amounts from last 2 years tax returns
• Debts from credit cards & loans
• Employment information

Or...to speed up the process, you can be proactive and bring everything with you when you visit your lender the first time. If you would like to be prepared, some lenders do not require these things up front, but some will require some or all of these things right away.

What to bring:

• Social security numbers for both your and your spouse, if both of you are applying for the loan
• Copies of your checking and savings account statements for the past 6 months
• Evidence of any other assets like bonds or stocks
• A recent paycheck stub detailing your earnings
• A list of all credit card accounts and the approximate monthly amounts owed on each
• A list of account numbers and balances due on outstanding loans, such as car loans
• Copies of your last 2 years' income tax statements
• The name and address of someone who can verify your employment.

(Depending on your lender, you may be asked for more information not listed here.)

If you are not sure who to use for your lender in the Fargo Moorhead area. We work closely with a couple of great lenders who do a wonderful job of making the process go very smoothly. When it comes to move in day on your new house, if you have a lender who does not have good organization or follow thru, it can delay your closing and cause unneeded stress for everyone. So, choose carefully. Many people choose the bank that they have their checking account with, not necessarily the best idea, they may be a good bank but not the best at mortgage lending or may not have the best rates and fees. Most banks sell their loans to a different lender right after closing anyway, so even though they do the loan, they aren't going to be your mortgage company. Here is a link to the lenders we have confidence in, please feel free to contact either one of these lenders, they both do a great job.

~Click here for Fargo Moorhead Area Mortgage Loan Officers~

Good luck and let us know when you are ready to start looking for your perfect home!  We'd love to help!