Buying a home is such a great feeling; however, buyers at time find themselves a bit overwhelmed with the loan process. Most buyers are eager to go out and start shopping for a home, not realizing the importance of pre-loan approval. Now a days when sellers are reviewing offers they expect buyer loan approval to be submitted along with the offer. In order to simplify the loan process it has been broken down into 10 simple steps.
When speaking with a loan officer here are some of the items they may request in order to start the process.
- W-2’s – Past 2 Years
- Paystub – Most Recent
- Bank Statement – Last 2 Months
- Driver’s License & Social Security Cards
- List of Credit Obligations
- Mortgage Information (If Real Estate is Owned)
- Self Employed: YTD-P&L + Balance Sheet
During the application process, the lender will order a credit report history for all individuals listed on the application. The application process normally takes between 1 – 3 weeks.