Wednesday, February 26, 2014

Ask me anything: I want to get pre-approved by a mortgage lender. What documents will my lender need from me?

If you wish to buy a home and need a loan, a mortgage lender's preapproval is pretty essential.  You'll need that preapproval in writing before you make a purchase offer.  Most lenders need the following:
- 2 most recent pay stubs
- Last 2 years' w-2s and/or 1099's
- Last 2 years' federal tax return with all pages and corporate returns
- 2 most recent consecutive months' bank statements for all asset bank accounts
- For borrowers with corporations, a "profit and loss" statement for the business
This seems like a lot, I know. But that's because a) you are borrowing hundreds of thousands of dollars, and b) you probably have this paperwork scattered all over your house.  So, if you're thinking of buying in the near future, now -- especially since it's tax time anyway -- is a good time to assemble your paperwork.

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