Things You Need To Get Pre-Qualified For a New Home Loan

Things You Need To Get Pre-Qualified For a New Home Loan

The feeling of owning a home is probably one of the priceless experiences one would ever want to have. Homeownership is everybody's dream; however, before starting to shop for a home, it is advisable that you equip yourself with necessary information to make home buying process as stress free and as hassle free as possible.

One of the most significant procedures that one has to undergo is to get pre-qualified. This will help the applicant go through the process smoothly. That is to say, you will know what home perfectly fits your budget.

Whether it's your first time or not, getting pre-qualified is a must. Ask a friend, a family member or a relative if they know any lender. In the process you will need:

1. GOOD EMPLOYMENT HISTORY - It is important that the applicant has steady employment history. That is to say, he should have been with the same employer for at least two years. Information such as company name, title, dates, etc should come handy. This information will show your job stability, so if you have moved jobs you must be able to explain why.

2. RECURRING PAYMENTS - The applicant's income and his ability to pay are the next basic criterion to be considered. So if one does not have sufficient funds to incur a new home, his/her chances of getting a mortgage shall be affected. It is essential that he/she has regular and increasing earnings over the past two years. Together with employment history, it shows whether the applicant has permanent source of income.

3. TAX PAYMENT STUBS - Accompanied by the applicant's W2s, this is a prime source of applicant's income statement as to how much he has earned in the previous months or years. The decrease in income, positions a lower amount of loan.

4. ACCURATE PERSONAL INFORMATION - Accuracy of applicant's information is necessary to pull out valid report of his credit standing. This is vital to pre-qualification. The following are some information needed to check credit standing: SS Numbers, Last two years' credit report, Alimony or Child support agreement, if any, etc.

5. BANK STATEMENTS - If there is a way to check sufficiency of your fund, this must be the first on the list. The fund in your bank account is probably one of the concrete information that your lender could have.

All this are indispensable information that you have to provide upon requesting for a home loan. If everything is in good standing, then your chances of getting a higher home loan are also higher, and even faster!

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