How do you get pre-approved for a new mortgage so you can purchase a new home or investment property? Or refinance your existing property?
Being organized and having your personal finances in order is a great start. It will give you the best chance of getting qualified for a new mortgage.
In this guide, we’ll review the steps required for getting qualified for a pre-approval. We’ll also cover what to expect during the application and approval process. And why you want to work with a mortgage broker.
Do the following before you start applying to any lenders for a loan.
Six Steps To Help You Get Qualified
The order of these steps is not important, just make sure you understand each one and complete it.
1) Current Income & Assets – Get a hold of all your financial records for the current year. The lender will most likely want to see copies of these documents. Gather up your pay stubs, 1099’s, previous year W-2’s, bank statements, investment statements, and any other sources that show a proof of income and the assets you own.
2) Business Income (if applicable) – Be ready to show your tax returns … READ MORE