Contact Corey Robinson about PRE-QUALIFICATION vs PRE-APPROVAL of home loans in King County and Seattle, Washington.
Pre-Qualification may be done over the phone and is an informal discussion with the lender about what you can afford. The lender will ask about your gross monthly income, any bills that you have, what funds you are planning to use for a down payment and closing costs and what your credit history is like. Based on this information, the lender will give you their opinion about what purchase price you can afford.
Pre-Approvals are done by completing the application and providing required documentation. The loan officer then orders the credit report, processes the information and submits the loan for approval. The loan is approved subject to your purchasing a home.
The following items are Needed:
- Paycheck stubs (past 30 days)
- W2's (last 2 years)
- Self employed? - Two years complete tax returns
- Bank Statements (2-3 months)
When the time comes to negotiate for the home of your choice, your agent will need a copy of your lender provided pre-approval certificate.
To find out more about how to find a Home Loan that is right for you contact Corey now!
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