If you are considering a home purchase, getting loan pre-approval is a must. The pre-approval process will give you an idea of how much you can afford, and how much of a payment you will be comfortable with.
The process is relatively painless. Remember, the loan officer wants your business. That’s how they get paid. They should make you as comfortable as possible, but be prepared to be open and honest about your financial situation and provide complete information. Follow the link below for the Memphis area’s best loan officers.
If you need help finding a loan officer, please contact me (form below). I have worked with some great ones over the years and would be glad to recommend a few.
Once you decide on a loan officer, this is the Information you will need to get together for your loan application:
1. W-2’s for the past 2 years
2. Most recent paycheck stubs covering the last 30 days
3. Residence addresses – past 2 years
4. Names and addresses of each employer – past 2 years
5. Last 2 months bank statements for all checking and savings accounts
6. Names, addresses, account numbers and monthly payments on all open loans
7. Addresses of other real estate owned
8. Loan information on all real estate owned
9. Money for credit report and appraisal
10. Landlord names and addresses – past 2 years
11. FHA loans: Photo ID and Social Security card
12. VA loans – VA certificate of eligibility and DD 214 (Discharge Papers)
Depending on the bank or mortage company, you may have to provide additional information.
Your loan officer will be your authority on everything that has to do with financing
Need a great local mortgage person? Call Katy Spake.
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