If you’re thinking about buying a home, one of the most important things you should do is get a loan PRE-APPROVAL (not just a loan pre-qualification, but a FULL approval.)
This will let you know what you qualify for and it will be something a Seller expects to see when you write a contract.
Your Realtor can connect you with reputable, trustworthy lenders.
Here’s a list of some of the paperwork you’ll likely need to gather to give to your lender:
- Most recent 30 days of pay stubs (if you are an employee)
- Year-to-date profit & loss statement (if you are self-employed)
- Last two years’ W-2’s & personal tax returns
- Last two years’ 1099’s & business tax returns (if self-employed)
- Two most recent months of bank statements for each account (all pages – savings, checking, money market, securities, etc.)
- Copy of driver’s license
- Mortgage statements, insurance info, property tax bill & HOA statement for each property owned (if you do not own property and are renting – contact info for landlord)
- Divorce decree and separation agreement (if applicable)
Once you make application – here are a few tips:
- Respond quickly to requests for additional info from the lender (and there are almost always additional requests or clarifications needed)
- Stay current on all your existing accounts
- Pay off any existing collections, judgments or tax liens
- Open new credit cards
- Take out a new loan or lease
- Don’t let people run credit checks on you
- Don’t make any major purchases (furniture, car, boat)
Once your loan is approved, you are ready to start looking for your DREAM HOME!
Call (703) 242-3975 or click here to schedule a FREE Buyer Consultation. We are happy to provide a personalized consult that will include:
- Lifestyle Interview
- Market Overview
- Overview of the Homebuying Process
- Your Home & Neighborhood Wish List
- The Best Advocate & Assembling Your Team
- What’s Next
In 2015, The Belt Team was named to the “Top 20 Best Real Estate Agents” in Virginia list by Real Trends, as well as listed in Washingtonian Magazine’s “Best of Issue” for Realtors.