Pre-Approvals

Most of us know that we should at some point in time during the home buying process obtain a Pre-Approval Letter from the Lender we choose to do business with. What most of us don't know is that this is Really the very first step a Future Home Owner should do. Why you ask?

This is the biggest issue we see when dealing with clients. Only you can tell us what you are comfirtable with paying for your new home. We always advise our clients to look at their home buying adventure this way and not the way of How Much can I afford?

Another question we always get is "Do I need a Pre-approval in order to start looking for a home"?

The Answer is "NO". As long as you have decided a price range we can work with you on the rest. A Pre-Approval is not really needed until the Time you are ready to make an Offer. This does 2 things for you as a buyer. First, It gives you a leg up in the negotiations on your new home and shows you are serious to the sellers.  Secondly, It will give you and Trego Realty an understanding on How we need to secure you an accepted offer and how much you can negotiate with the terms of your pre-approval from your Specific Lender. 

Now- With the new Regulatory Laws that were imposed on Loans, Your lender might not issue you a so called Pre-Approval since the new Law states you need to have a Specific Property in mind. With that being said, Lenders you choose to work with can and will supply you a Pre-Qualified Letter that you can supply to your Realtor(R) and to be used in your Negotiations.

What do I need to take to the Lender in order for me to get my Pre-Approval?

• Application for Mortgage (normally supplied online by your Lender)
• Drivers License or ID CARD (from all Applicants) Must be 18 years or older
• Last 30 Days of Paystubs
• Last 30 Days of Bank Account info
• Last years W-2
• Last 2 years Tax Returns
• If Self Eemployed- Take your Schedule C from last 3 years
• And any Profit/Loss (P&L Statements)

That should be it. Your Lender will advise you of any documentation that they might need in addition to.

If you have any questions or concerns- Please do not hesitate to give us a call or email us and we help you through this process. If you are a client of Trego Realty or Trego Custom Homes, This service is always available to you. Ask your Agent if any questions.