Being pre-approved - KATHLEEN ROBERTS/MORTGAGE CONSULTANT

PRE-QUALIFICATION VS.

PRE-APPROVAL

Before you shop for a new home, let me help you figure out how much you can afford and assist you in getting pre-approved for a mortgage loan.

To get pre-qualified for a loan, I will collect information about your debt, income, and assets. I'll look at your credit profile and assess goals for a down payment and get an idea of different loan programs that would work for you. I will issue you a pre-qualification letter indicating the amount you are pre-qualified to borrow.

It is important to understand that a pre-qualification letter is just an estimate of what you are eligible to borrow, not a commitment to lend.

Getting pre-approved for a loan gives you a competitive advantage when the time comes to bid on a property because you have been pre-approved for a loan for a specific amount.

A pre-approval is worth much more than a pre-qualification!

Here is what I need from you to get you pre-approved:

A completed Loan Application;

A copy of your W-2s for the last two years;

A copy of your most recent pay stub; and

A copy of your last three (3) bank, 401K, IRA, stocks, or any other statements from financial institutions with which you have deposited money or have an account.

If you are or have been self-employed during the last two years, I will need a copy of your 1040s/1120s for the last two years along with a year-to-date Profit & Loss Statement (if you are still self-employed).

I will need to verify your employment and your housing history for the last (2) years. I will also need to verify your assets.

I will need the full names, addresses, and phone numbers of your employers for the past two (2) years to date. I will also need the names, addresses, and phone numbers of all of your landlords for the previous (2) years to date and/or your prior and/or current mortgage holder, if applicable.

If you were a student during the last two years, and, if you do not have a two-year employment history, I will need to see a certified copy of your transcripts and a copy of your degree, if applicable.

Please know that a pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.

If you have already found your property and signed a contract and now need to find financing, please call me so that I can submit your loan package as soon as possible. You do not want to wait until the last minute to get your loan approved.

One part of my job that I love the most is helping people purchase homes. I can't wait to help you get pre-approved for your mortgage loan! Contact me anytime at 1-888-788-5551 (Central Florida area) or 1.888.788.5551 (toll free) or by email to kroberts@mybestmortgagesource.com. I will take as much time as is needed to make sure that you get the best possible mortgage loan for your situation and in the most expedient manner.