Pre-approval Letter

It is advantageous for home buyers to obtain a pre-approval letter before going out to view homes. A pre-approval letter provides information on the maximum price range you can afford to buy. That prevents wasting time viewing homes that are out of your price range. The time saved can be better used to concentrate on investigating the neighborhood where you want to buy homes and narrowing your choices of homes to a select few.

During the pre-approval process, buyers often receive good advice on how to maintain their credit in good status and what not to do before close of escrow that can jeopardize their chances of getting their loan funded. A letter of pre-approval nowadays is almost always required to be submitted with the purchase offer. You can shorten your loan application by gathering the following documents all in one place:

2-years' residence history
2-years' employment history
2-years' W-2's and current pay stubs
If self-employed, two years' tax returns
Most recent two months' bank/investment statements for all accounts
Current loan/debts listings names, addresses, account numbers, payments and balances
Loan information on other owned real estate
Purchase agreement/offer to purchase
If refinancing, a copy of your Grant Deed or current loan statement.
Copy of your driver's license and social security card

VA and FHA loans have other requirements. A good REALTOR® should be able to provide proper guidance in this regard. At Weichert Realtors Elite, we have a business affiliation with Bank of America and we also work with other lending institutions. Even if you are already pre-approved, we can give you a free pre-approval. Call Elena at (858) 405-5175 and we will help you!