Please explain HOW you get pre-approved?

Can someone explain to me like I am 4 yrs old what we need to do? LOL

We have decent credit, no debt, a small savings and now we need to get pre-approved just to see where we stand. Even if it means they tell is that we can't buy anything for 2 years. We just need to get this ball rolling to have a goal in mind.

Do we just walk into any bank to see what they would approve us for? Do we need an appt? Do we bring things? Can someone recommend a place/bank/person to go to??

Thanks

Message edited 6/20/2011 12:52:39 PM.

Re: Please explain HOW you get pre-approved?

Just so you know your pre-approval expires with-in 60-90 days. So in two years when you are ready you have to do it all over again.

Also, in 2 years things may change like your credit, income, more $ in the bank so your pre-approval might be higher in two years. Over all, you need to concentrate on what you feel comfortable paying for your monthly mortgage.

A lot of people here use continental home loans. I am using Wells Fargo and so far its been smooth.

I would make an appointment and speak to someone so they can tell you what documents they need from you. Can't recommend since I don't really like my brokers attitude lol.

You may need:

- 2 pay stubs
- w-2 from 2009 / 2010
- All bank statements
- canceled rent checks


This is what we needed to bring, just a ball-park of what you might need.

You attend your appointment and
you give then your documents they will put it in their system and run your credit.

Immediately after that they can tell you how much you are pre-approved for.

Good Luck!!

Re: Please explain HOW you get pre-approved?

Posted by NYPD-Wife

Just so you know your pre-approval expires with-in 60-90 days. So in two years when you are ready you have to do it all over again.

Also, in 2 years things may change like your credit, income, more $ in the bank so your pre-approval might be higher in two years. Over all, you need to concentrate on what you feel comfortable paying for your monthly mortgage.

A lot of people here use continental home loans. I am using Wells Fargo and so far its been smooth.

I would make an appointment and speak to someone so they can tell you what documents they need from you. Can't recommend since I don't really like my brokers attitude lol.

You may need:

- 2 pay stubs
- w-2 from 2009 / 2010
- All bank statements
- canceled rent checks


This is what we needed to bring, just a ball-park of what you might need.

You attend your appointment and
you give then your documents they will put it in their system and run your credit.

Immediately after that they can tell you how much you are pre-approved for.

Good Luck!!