Rule number one in Real Estate, if you are looking to buy a house, is to have a pre-approval letter. The pre-approval letter will be issued by the Mortgage Loan Officer who is assisting you on the loan only after review of your application and the documents that support the information.

It is important to have a pre-approval letter because it will set you apart from other buyers, it will give you the option to present offers right away and overall, make your Realtor life easier because he/she will know exactly your purchasing power. The pre-approval letter will provide you the main information about the loan you will get and the terms, such as down payment, interest rate, years to pay off and also if you will need or not concessions towards your closing costs.

The application to a mortgage loan is usually done online or over the phone, it takes between 5 to 10 minutes and will require you to provide information such as your name, social security, current address, marital status, employer and income information. The application is a statement and the documents required as a support for the provided information are:

• ID + Social Security
• 2 Years of taxes and tax return (W2). If you do 1099, 3 years info will be needed
• 2 last months of bank statements (all pages)
• Last month of paystubs

More documents can be required; it will all depend on the type of loan you get pre-qualified for.  

If you have any question, give me a call, will be happy to help you – 813 446 2003

Clarisa Moody

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