From the Experts at Stonegate Mortgage
The Incorrect Way
Calling a REALTOR First
Unfortunately if you are calling the person listed on the yard sign or any REALTOR first you are already starting the process off in the wrong order. You might not only be wasting the REALTOR’s and seller’s time but, most importantly your own.
PRE-QUALIFICATION VS. PROPER PRE-APPROVAL
When you are looking to purchase a home and want to know what you can afford, it’s best to get pre-approved for a loan not just pre-qualified. They may sound similar, but they are not the same. When someone is pre-qualified it essentially means they had a conversation with a lender about the state of their finances, no documents were exchanged.
Zero Documents Needed
Missed opportunities and disappointment. You are more likely not to have your offer accepted by a REALTOR and if accepted, the likelihood of a failure in financing increases. You end up not getting the house of your dreams and wasting time.
CALLING A MORTGAGE ADVISOR FIRST
You are starting the process off in the right sequential order. By calling a mortgage advisor first, it will allow you to. know what you. can comfortably afford and which home prices to avoid. This way you don’t waste any time in finding your dream home.
Getting Properly Pre-Approved First!
Being Properly Pre-Approved means a licensed mortgage advisor has checked all necessary documentation needed (i.e. tax returns, bank statements, pay stubs, credit reports, debt to income ratios & more.)
If everything checks out, the loan will be pre-approved and we will give you a written statement for financing up to a certain loan amount. This pre-approval is good for 90 days.
Just a couple items and you are on your way!
If you are a W-2
- Two most recent pay stubs
- W-2’s for the last two years
- Personal tax returns for the last two years
- Recent bank statements
If you are Self-Employed
- The most recent pay stubs (if they exist)
- W-2 for last two years (if they exist)
- Personal and business tax returns
- K-1’s two years
- Bank Statements
Smiles and more smiles! Likelihood of your offer being accepted by REALTOR’s knowing you were Properly Pre-Approved. Here’s a cool thought too, it increases the chances of a successful closing!
Get Properly Pre-Approved or Properly Refinanced online.
MEET & APPLY
Meet with one of our experienced advisors.