Ignite FB Tracking PixelWhat Documents and Information You Need to Get Pre-Approved for a Mortgage - Rosemary Pezzano

What Documents and Information You Need to Get Pre-Approved for a Mortgage

by Rosemary Pezzano 12/31/2018

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
Rosemary Pezzano
  • WHO I AM…

There are many reasons why I enjoy my career as a REALTOR. The main reason is the deep satisfaction that comes from helping people realize their dreams, helping them through the major transition that accompanies selling, buying and moving. Another reason is that no transactions are the same. Each one has its own characteristics and challenges. It is through overcoming the challenges that enables me to improve my quality of service. Each and every day I work at perfecting my attention to detail and my commitment to excellence while being mindful of my core values.

  • WHAT I CAN DO…

Since relocating in 2001 to Four Seasons at Upper Freehold Gated Active Adult Community, I have become an enthusiastic cheerleader! Having first-hand knowledge and sharing that knowledge has contributed towards a reputation for achieving results, not just promises! Listening, delivering necessary information, helping to negotiate the best possible price and terms and making sure all details are covered help to have a successful closing. This comes from over 40 years of real estate experience. 

  • COMMUNITY INFORMATION

Four Seasons at Upper Freehold is located in rural Upper Freehold, southwestern Monmouth County. The 387 single family residences naturally blend with the surrounding rural landscape and the neighboring Borough of Allentown with its many antique shops and boutiques. For the young at heart, Six Flags Great Adventure Amusement Park and Safari is also nearby. Commuting lies within 60 miles of New York City and 35 miles from Philadelphia with easy access to Princeton and the Jersey Shore. Neighboring Quaker Bridge Mall and Freehold Mall for all your shopping needs and the Hamilton Marketplace nearby.

  • WHAT CLIENTS AND CUSTOMERS ARE SAYING
06/07/2018 - Sold a Single Family home in 2018 in Allentown, NJ.

Rosemary was a pleasure to deal with - very responsive, professional, knowledgeable and went above and beyond for us. She made a very overwhelming situation of selling my parents' house into a manageable, do able process that I couldn't even fathom getting thru at the onset. The house was sold and closed in a month's time and I am still pinching myself that we got through this huge undertaking so readily. This truly is thanks to Rosemary. She is wonderful!

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04/20/2018 - Sold a Single Family home in 2018 in Allentown, NJ.
Rosemary was very easy to work with and gave me a lot of good advice for selling a home within Four Seasons / Allentown (some of which I should have taken sooner!). She and her husband (who is also a Realtor) were incredibly helpful with many of the small (and some not so small) details of getting our house prepped and sold. Because I lived a ways away from the house I was selling, there were many times when Rosemary or her husband were able to save me a trip to handle something at the home while it was on the market, showing that they will do whatever it takes to help make a sale go smoothly, and I greatly appreciate their help. Rosemary responded quickly to all of my questions via phone, email, or text; I never waited long to hear back from her no matter the day or time.

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10/07/2016 - Sold a Single Family home in 2016 in Allentown, NJ.

I am thankful I chose to have Rosemary sell my house. Through every step of the process she kept me informed, made useful suggestions and helped. Here are just four examples. Just before we put the house on the market, she made a suggestion to relocate a piece of furniture. And yes, after moving it, the room looked larger. The house was listed on a Wednesday and by noon on Friday I had a full price offer. When the new buyers suggested the landscape plantings were overgrown, she had her husband come over to trim the worse offenders. At the end of the process, after the house had been cleaned for the new owners' walk-through and because I had had to move out of the area, she and her husband put out the remaining five cans of trash. After the closing I got a call from her because some of my mail had been delivered to my just-sold house rather than having been forwarded. She offered to take it to the Post Office for forwarding and to alert them to the problem. These are just four examples of the many ways Rosemary (and her husband) helped make the difficult process of selling my house as painless and as smooth as possible. Thank you Rosemary (and husband)!!

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09/21/2015 - Sold a Single Family home in 2015 in Allentown, NJ.

If you are selling a house in this area, use Rosemary as your agent. She worked tirelessly to get our house sold. She was very involved, handled many, many details for us, and was extremely knowledgeable about the value of homes in the area. She even arranged for her husband to help us out in several instances. She kept me updated and led us through every step of the process, explaining what we needed to do and how things would progress. We no longer live in the area and without her, we would never have been able to handle the sale long distance. She was wonderful to work with.Less 

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09/09/2015 - Sold a Single Family home in 2015 in Allentown, NJ.

Rosemary pays attention to details and knew exactly the type of exposure the home needed to get the job done. We had the home listed for sale 2 other times with another realtor with no results. Rosemary felt that the home needed to be professionally photographed and she was right. The photos brought in numerous buyers and the home sold in a few weeks. I would recommend Rosemary to anyone who wishes to sell their home in a timely manner for a fair price.