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5 Great reasons to be pre-qualified by a lender:
1.) You spend your time wisely, looking at homes that you can afford.
2.) You will know in advance what your paymetns will be.
3.) You can select the best loan package without being under pressure. There are many financing options to choose from in today's market, and you will have the time to select the best option for your needs.
4.) The market in our area moves quickly. You may have a competitive advantage if you have your financing secured in advance.
5.) Peace of mind. You have the pleasure of pursuing your dream without worrying about financing your purchase.
Items needed for a loan application:
Whether you're a first time buyer, buying a second home or your retirement dream home, here is the information a lender will need when you apply for financing:
Employment Information:
Addresses for two full years
Gross monthly income
W-2's, if available
Proof of pension, retirement, social security, etc.
Proof of income from rentals, investments, etc.
Year to date pay stub
If self employed: 2 years 1040 tax returns and a current profit and loss statement
Creditor Information:
Each creditor's name, address and type of account
Account numbers
Monthly payments and approximate balances
Banking Information
Names and addresses of saving institutions
Account numbers for all accounts
Types of accounts and present balances
Miscellaneous Information:
List of assets in stocks and bonds, land
Life insurance cash value
Social Secufity numbers for all parties
If selling another property, copies of sales contracts
Cash or Check to pay for application fee
If a Veteran - Certificate of Eligibility and DD-214
Property Information:
Copy of Sales Agreement
Copy of Listing Sheet on property
Information on how appraiser accesses property.
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