Home
My Profile
My Listings
Sunnyvale
Livermore
Buying Guide
Selling Guide
Tax-free Exchanges
How much did that property sell for?
Staging Your Home
Why get an Inspection?
Role of the MLS
Loan Programs
Why Prequalify for a loan?
Contact me



1998-2006
All rights reserved


Why Prequalify for a loan?

Prequalifying for a home loan can give you a definite advantage when it comes to making an offer.

By prequalifying, you actually have a definite figure for how much you qualify.

It can help to speed the process of obtaining the mortgage once a house of your liking has been identified.

By prequalifying, you have already established a comfortable relationship between you and the Broker/Lender.

The more prepared you are when you apply for any type of loan, the easier it is for the lending party to make a determination.

Here is a list of items that you will need before the Broker/Lender can make a general determination.

  • A complete list of all your current debts including the names of the creditors, amounts owed on each and monthly payments.
  • Address of the last two places of residence. If you were renting be sure to provide the landlord's name, address and phone number. If owned, include the name, address and phone number of the mortgage holder.
  • Employment information. Names, addresses and phone numbers of employers for the previous 2-3 years.
  • W-2 Tax forms for past 2 years.
  • Bank statements for the past three months.
  • Gift Letter statement. If you have received any money from friends or relatives which is going towards the purchase of the home you will need to provide a signed letter from the giving party declaring that it is a gift.
  • Most recent pay stubs. (Usually the last 30 days)
  • Any supporting documents proving claims of additional or supplemental income for sources like: social security, pension, stock dividends interest and such.
  • Self Employed? You will need to provide complete tax forms for the past 2 years.
  • Additional financial statements regarding both you and your company may be requested.
  • If recently divorced you will need to provide a copy of the divorce decree as well as proof regarding any claims of receiving alimony or child support.
  • If you have already found a house, you will need to provide a copy of the purchase/sales contract.

Having these items on hand before you apply for a mortgage loan will prevent you from being unprepared when these items are requested as well as speeding up the loan process.

Now that you know how much you can afford to spend, it's time to look at some houses!