Pre-approval is a stronger commitment from a lender than a pre-qualification. So, by being pre-approved, you can have an edge when there are multiple offers on a home. This is likely to happen when the housing inventory is low.
Here is a basic list of what you may have to provide a lender in order to get pre-approved for a home loan.
- Social Security Numbers for both you and your spouse if you are applying for the loan together. This allows the lender to run an accurate credit check.
- Copies of your checking and savings account statements from the past 6 months.
- Documentation of other assets you may have such as stocks or bonds.
- A recent pay stub that shows your earnings
- Contact information for your employer so it can be verified that you work there
- Your last 2 years of income tax returns.
Each lender may have different requirements for pre-approval. Contact The Gabbard Team to start the process. We can connect you with one of our preferred lenders. Our lenders will let you know what loan amount you are approved for. They can also recommend steps that you can take to improve your credit. Once you are pre-approved, The Gabbard Team can help you find your new home!
The Gabbard Team has the experience, knowledge and imagination to get the desired results for their clients. Collectively, The Gabbard Team has over 50 years of real estate experience. The team is committed to staying informed of the daily changing market so that they remain the local experts. The Gabbard Team creatively stays ahead of these market trends allowing them to properly market homes and help buyers qualify to purchase them.
Hire The Gabbard Team to protect your most valuable asset. Contact Bill Gabbard of The Gabbard Team at 513-401-5188 for all of your residential and commercial real estate needs.
The Gabbard Team Keller Williams Advisors Realty