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Loan Pre-Qualification

Once You've Decided To Buy and Your Numbers WorkAaaahhh! My own home

The Next Thing To Do Is Get Pre-Qualified for A Loan

Unless you have enough cash to buy a home outright, you'll need a mortgage. In a hot market like the Silicon Valley, you're going to want to get pre-approved. Pre-approved means that a lender has given you a letter saying that you qualify for a loan of a certain amount with specific terms. When it comes to making an offer on a home you want, this piece of paper is critical to having your offer considered seriously.

In this market, no serious buyer would make an offer without knowing what kind of a loan they are qualified for. Also, no seller will take you seriously when you haven't even gotten pre-qualified yet. It takes a bit of time to get pre-qualified, but can make all the difference when it comes time to make an offer.

Relax in your own homePre-Qualification Means You Submit Loan Application Documentation

Each lender has different requirements, but there are some things that are common among lenders. You're going to need to prove employment and income. You will need to show proof of funds for the down payment. Here are the documents most commonly required by lenders:

  • Last two years of tax returns for all mortgage applicants
  • Proof of income (W2s or pay stubs)—typically last three months. If self-employed your Year To Date Profit and Loss
  • Be able to provide proof that your down payment and closing money are ready in the bank.
  • If down payment was gifted to you, provide proof that it's a gift rather than a loan.
  • Proof of rental payments and being in good standing with your landlord. 
  • Two forms of government documentation such as a driver's license and a birth certificate.
  • Personal paperwork such as divorce paperwork (if applicable).
  • Proof of regular income of various forms such as Social Security, child support, or government assistance.
  • Proof of account balances for IRAs and retirement accounts.
  • Documentation of money held in stock market.
  • Proof of other property currently owned.
  • Documentation and explanation for past financial issues like bankruptcy. Provide written explanation and what you've done to correct the situation.

When Approved For A Loan Pre-Qualification, You Get A Good Faith EstimateWhen Approved, You Get A Good Faith Estimate (GFE)

Your hard work should be rewarded with a letter stating you're pre-qualified for a loan. The lender lays out line by line exactly what kind of a loan you are qualified for and what the mortgage costs will be. In effect, this is your Ticket To Play! Now, you can seriously start searching for a home and be taken seriously in your search. REALTORS® and sellers know you are seriously in the market to buy.

If You Want To Buy A Silicon Valley Home, Give Me A Call

Give me a call and let's talk about your situation. I love to help people buy new homes!


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