What is a Pre-qualification?
With a pre-qualification you will provide your income and asset information. Please note, a prequalification is only as accurate as information you provide and is not a commitment to lend. In order to help determine your overall credit worthiness, a credit report will be pulled.
Documents that may be required for loan application - One
Photo ID – must be government issued (typically driver’s license or ID card)
Documents that may be required for loan application - Two
Bank Statements – 2 most recent and consecutive statements including all pages even if blank. Statement must show name and account number along with name of banking institution.
Documents that may be required for loan application - Three
W2s / 1099s – copies of the past 2 years. Federal Tax Returns – signed copies of the past 2 years, including all pages and schedules. Retirement / Disability / Social Security Awards Letter most recent. Documentation of any other sources of income.
Documents that may be required for loan application - Four
Pay stubs for the last 30 days *Please note you are not required to provide any of this information or documentation until you have received your Loan Estimate and given your intent to proceed. These are documents that may be required. Other documentation may be required during the loan process.
What is an Appraisal
An appraisal is the estimation of a home’s current market value. A licensed appraiser completes this estimation, which is calculated by comparing the recent sales of homes in the area to the property that is being appraised. An appraisal will be ordered as part of the loan process.