Prequalifying for a Home a Loan: What You Need to Know

PREQUALIFYING for a HOME LOAN WHAT YOU NEED TO KNOW PERKS OF PREQUALIFICATION Easy and free Advantageous during application process Offers estimate of loan amount Directs buyer toward proper price range • Provides faster closing time WHAT YOU WILL NEED Credit report 2 most recent W-2 tax forms 2 most recent tax returns - Personal - Business 2 most recent bank statements All pages Most recent paystub POINTS OF PREQUALIFICATION 1st step in mortgage approval process Expect to provide information from past 2 years Prequalification requires no foreclosure for 3 years, other guidelines apply • Proper prequalification simplifies the entire loan process Prequalification makes the real estate transaction much easier STEPS TO PREQUALIFY Provide lender with information on income and debts Establish debt-to-income ratio Pull credit score Provide lender with bank, tax, and payroll paperwork Fill out prequalification paperwork - May be done online or by phone Request a prequalification letter Infographic Provided By REFERENCES: http://www.ehow.com/about_7355514_requirements-mortgage-loan-prequalification_html http://www.ehow.com/how_5399_prequalified-home-loan.html http://www.investopedia.com/articles/basics/07/prequalified-approved.aspitaxzz2K16KLSAI http://homeguides.slgate.com/pre-qualifying-mortgage-2055.html http://budgeting.thenest.com/prequalifty–mortgage-loan-3226.html stevekaufmanmortgage.com PREQUALIFYING for a HOME LOAN WHAT YOU NEED TO KNOW PERKS OF PREQUALIFICATION Easy and free Advantageous during application process Offers estimate of loan amount Directs buyer toward proper price range • Provides faster closing time WHAT YOU WILL NEED Credit report 2 most recent W-2 tax forms 2 most recent tax returns - Personal - Business 2 most recent bank statements All pages Most recent paystub POINTS OF PREQUALIFICATION 1st step in mortgage approval process Expect to provide information from past 2 years Prequalification requires no foreclosure for 3 years, other guidelines apply • Proper prequalification simplifies the entire loan process Prequalification makes the real estate transaction much easier STEPS TO PREQUALIFY Provide lender with information on income and debts Establish debt-to-income ratio Pull credit score Provide lender with bank, tax, and payroll paperwork Fill out prequalification paperwork - May be done online or by phone Request a prequalification letter Infographic Provided By REFERENCES: http://www.ehow.com/about_7355514_requirements-mortgage-loan-prequalification_html http://www.ehow.com/how_5399_prequalified-home-loan.html http://www.investopedia.com/articles/basics/07/prequalified-approved.aspitaxzz2K16KLSAI http://homeguides.slgate.com/pre-qualifying-mortgage-2055.html http://budgeting.thenest.com/prequalifty–mortgage-loan-3226.html stevekaufmanmortgage.com