Be Prepared for Loan Application

Hey, you! Yeah… you, scrolling through Zillow. I know that you just started thinking about buying a house, but you really should be prepared for when you find “The One!” I mentioned in this FB live video that the #1 thing that you need to do when buying a home is to get PRE-APPROVED (or at the very least pre-qualified.)


Why is it important to get pre-approved, you might ask? Considering that our current, local real estate market is a seller’s market (in most price ranges and areas), you need to be pre-approved so that the seller of the home you want to purchase will take your offer seriously. And, on the occasion that you may be up against other buyers, you will want to show the seller that you have already done your homework to ensure that you can afford the property that you are looking at. Most sellers, regardless of the market leanings, will require you to show them a pre-qualification or pre-approval letter before they consider your offer terms. So… just get this part out of the way so that you don’t miss out on a home you love!

You may be asking yourself, “What do I need when I talk to my lender?” Well, you are in luck, one of my trusted loan advisers gave me her list of “Documents You Need for Loan Application,” and I am here to share that list with you!

  1. Last 2 years of Tax Returns and W-2’s.
  2. Last FULL month of pay stubs.
  3. Last 2 months of bank statements (full copies will be needed for application, including any blank pages.)
  4. Copy of your ID.

Obviously, this list may vary depending on your personal situation. If you are self-employed, collecting social security, or have multiple streams of income, you will have different documentation requirements. If you have a property that you must sell, you will need a copy of your contract for that sale.

In summary, call your lender, get pre-approved. Then, you’ll be ready to find that perfect home!! Happy house-hunting!

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