| One of the most important steps in the
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| | Here a list of documents your Mortgage
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| home buying process is getting
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| | Lender will want to initially see copies
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| Pre-Approved as early as possible.
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| | of:
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| The Pre-Approval process involves you
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| | - W2's from the last 2 years
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| speaking with a Mortgage Lender about
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| | - Tax Returns from the last 2 years
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| your financial situation, what you'd like
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| | - Pay stubs from the last 30 days
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| to accomplish, and any concerns you have.
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| | - Bank & Brokerage Statements from
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| Armed with that information, a Mortgage
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| | the last 3 months
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| Lender can obtain an approval from a
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| | Additional documentation will be required
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| lender up to a specified loan amount and
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| | depending on your specific situation and
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| provide you with monthly payment
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| | as the process progresses.
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| information and closing cost information.
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| | Your Mortgage Lender will go through a
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| There are many benefits to getting
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| | loan application with you, which covers
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| Pre-Approved. First, Realtors will spend
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| | questions related to your current
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| more time assisting you with your home
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| | residence, employment status, marital
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| search if they are confident you'll be
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| | status, etc. There will be a series of
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| able to obtain financing once you've
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| | disclosures you'll have to sign as well -
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| located a home you're interested in
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| | some required by the State or Federal
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| purchasing. Second, Seller's will take
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| | Government informing you of your rights
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| your offer more seriously since they know
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| | in the process.
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| you will be approved for a mortgage --
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| | With the application and disclosures
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| and they won't risk taking their home off
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| | signed, the supporting documentation you
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| the market only to find out the deal is
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| | provided, and an understanding of what
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| going to fall through 30 days later.
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| | you are hoping to accomplish, the
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| Finally, since you know you've been
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| | Mortgage Lender is ready to submit your
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| approved and much of the paperwork has
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| | "loan" through what's called "Automated
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| already been processed, you're in for a
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| | Underwriting". Within minutes, unless
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| much less stressful experience.
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| | your situation requires an underwriter to
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| Why is it important to do this as early
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| | personally review your file, you will
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| as possible?
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| | have an answer to your loan application.
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| Many loan officers report that over 50%
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| | Now that you have an approval, your
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| of the credit reports they see have
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| | Mortgage Lender will issue a Pre-Approval
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| inaccurate information listed. This
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| | letter outlining the terms of your
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| inaccurate information could be the
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| | approval. Your Realtor will request a
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| difference between you getting a loan or
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| | copy of this letter (typically before
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| not getting a loan - getting a rate of 5%
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| | they begin showing you homes) and will
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| or getting a rate of 7.0%. The earlier
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| | include a copy with any offeryou make on
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| these errors are found, the sooner they
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| | a property.
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| can be corrected.
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| | Now it's time for the fun part - looking
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| So, what do you need for the Pre-Approval
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| | for homes!
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| Process?
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