The Documents You'll Need to Get Pre-Approved for a Home Loan

by Kwee Huset 04/15/2018

Many first-time home buyers are worried about all of the documents and information they’ll have to gather when applying for a mortgage. If you’re anything like me, you’re probably dreading having to dig through the five places that these documents might be. Fortunately, the process is now somewhat streamlined thanks to lenders being able to collect most of your information digitally.

In today’s article, we’ll talk about the documents you’ll need to collect when you apply for a home loan so that you feel prepared and confident reaching out to lenders.

Documents needed to pre-qualify

Before going into applying for a mortgage, let’s talk about pre-qualification. There are three types, or in some cases steps, of approval with most mortgage lenders: pre-qualification, pre-approval, and approval.

Pre-qualification is one of the earliest and simplest steps to getting pre-approved. It gives you a snapshot of the types and amount of loans you can receive. Pre-qualification typically doesn’t include a detailed credit analysis, nor do you need to provide many specific details or documents.

Typically, you’ll fill out a questionnaire describing your debts, income, and assets, and they will give you an estimate of the loan you might qualify for. Might is the key word here. Your pre-qualification amount is not guaranteed as you haven’t yet provided official proof of your information.

Documents needed for pre-approval

Getting pre-approved for a mortgage entails significantly more work on the part of you and your lender than pre-qualification. First, the lender will run a credit analysis. You won’t need to provide them with any information for this step, as they’ll be able to automatically receive the report from the major credit reporting bureaus. However, it’s a good idea to check your report before applying to make sure there aren’t any errors that could damage your credit.

Now is where the legwork comes in.

You’ll need to gather the following documents to get officially pre-approved or approved for a mortgage:

  • W-2 forms from the previous two years. If you are self-employed, you’ll still need to provide income verification, usually as a Form 1040, or “Individual income tax return.”

  • Two forms of identification. A driver’s license, passport, and social security card are three commonly accepted forms of identification.

  • Pay stubs or detailed income information for the past two or three months. This ensures lenders that you are currently financially stable.

  • Federal and State income tax returns from the past two years. If you file your taxes online, you can often download a PDF version that includes your W-2 or 1040 forms, making the process of submitting tax and income verification much easier.

  • Personal contact information. Name, address, phone number, email address, and any former addresses which you’ve lived in the past two years.

  • Bank statements from the previous two months. Also, if you have any assets, such as a 401K, stocks, or mutual fund,  you’ll be asked to include those as well.

  • A complete list of your debts. Though these will likely be on your credit report, lenders want to ensure they have the full picture when it comes to how much you owe other creditors and lenders.


About the Author
Author

Kwee Huset

Chinese Speaking Florida Agent About Kwee she is a multilingual full service real estate agent, REALTOR®. A Cantonese, Mandarin, Chinese speaking Florida Agent in Venice since 2000. Living in Venice Florida since 1991, Kwee Huset is a multilingual. English, Cantonese, Mandarin, Chinese speaking Florida Agent in Venice since 2000 helping others to find their dream homes. The Reasons Kwee Huset is the Florida Agent for You! 1. Working with you and for you. 2. I have been named a 5 Star – Best in Client Satisfaction Agent. 3. Always has your interest in mind so you have someone on your side. 4. Kwee know the neighborhoods, market conditions, zoning regulations, schools and the local economy. 5. Your Property will have the exposure of 53 dynamic websites 24 hours a day. 6. Pays for all marketing and advertising costs. 7. I will guide you through the process and ease stress during your buying and/or selling of property. 8. I am a full time resident of Venice for over 25 years, and own home and investment properties locally. 9. I am a full time Florida Real Estate Licensee for over 15 years with experience in successfully selling homes and investment properties. 10. Gives an unbiased, realistic view of home and your options. Unlike buyers and sellers, Kwee has no emotional attachment to property. 11. I Love Venice, it is a wonderful place to live – many FREE things to do. Kwee has been helping buyers and sellers locally, as well as from other states and countries in all walks of life. I have been easing stress and making attitudes more relaxed during the process of buying and selling properties while meeting needs for over 15 years. I have extensive experience, knowledge and a proven track record that will work with your best interest at heart while maintaining the utmost level of confidentiality in meeting your needs and trust in this fast changing real estate market. I help to educate homeowners by showing them the options; e.g. loan modification, special forbearance, repayment plan, short sale, etc. to save their homes from foreclosure and maintain good credit. Check out my testimonial, it is self-explanatory about my services of which there is no substitute and helped me to achieve the 2010, 2013, 2014 FIVE STAR Best in Client Satisfaction Award (Kwee Huset Realty), Century 21 Quality Service Awards and Century 21 Centurion Awards in the Top 100 among all the agents in Southern Region of Florida from Tampa, Orlando, Daytona Beach all the way to Key West (while I work at Century 21 C & L Real Estate from 2002 – 2005). I can help you with every aspect of buying or selling your home because I’m experienced, because I’m professional . . . and because I care. Kwee Huset Contact Kwee Today! The relationship between a home buyer or seller and their agent is based on trust, shared goals and understanding. I strive to continually improve and to do this I listen and take your needs and wants into consideration. You may contact Kwee at phone/text 941-716-3090. Your personal referrals help local students realize and achieve their dreams as well as provide children and families with Clean Water in 3rd world countries.