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What do I need to get preapproved for a mortgage
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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What do I need to get preapproved for a mortgage
Not sure if we can even afford a house, but I'd like to know what I need to do to get the ball rolling. So far I have a credit report, my monthly debts listed, a list of assets, my paycheck stubs and 2 years of tax returns. Is there anything else I need and what do I do from here? Do I just go to the banks with the lowest rates and apply for a mortgage?
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Posted 1/18/10 10:53 AM  |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: What do I need to get preapproved for a mortgage
for pre-apporval you do not provide them a credit report, they will need to run their own
you need paystubs 1-2 months
bank statments 1-2 months
and they will ask you info like how long have you been at your job etc.
that's all I needed.
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| Posted 1/18/10 10:57 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: What do I need to get preapproved for a mortgage
Contact a mortgage company or bank and let them know you want to be preapproved for a mortgage. They will tell you exactly what you need. But as the previous poster said,
you need paystubs 1-2 months
bank statments 1-2 months
and they will ask you info like how long have you been at your job etc.
that's pretty much it. It's pretty easy.
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| Posted 1/18/10 11:20 AM |
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: What do I need to get preapproved for a mortgage
One more question. We don't have much in savings and the majority of our downpayment will be coming from our parents. How do we explain or show proof of the monetary gift?
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| Posted 1/18/10 12:08 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: What do I need to get preapproved for a mortgage
Posted by Diva
One more question. We don't have much in savings and the majority of our downpayment will be coming from our parents. How do we explain or show proof of the monetary gift?
once you go foward, you will get a gift letter, that states they intend you giving you X for your purchase.
you will need proof from your parents that they have the $ so they will ask for a bank stamtent or something like that, but you don't have to worry about that at this point to much, other then the amount, because the bank will ask that.
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| Posted 1/18/10 12:22 PM |
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Diva
I am what I am
Member since 12/05 2825 total posts
Name:
Jennifer
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Re: What do I need to get preapproved for a mortgage
Thanks for your help 
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| Posted 1/18/10 2:07 PM |
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