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How do i get preapproved for a mortgage?
Can i do it online or do i have to go to a bank? What documents do I need?
Asked By Andrew S. | Somerset, PA | 1382 views | Buying | Updated 3 years ago
Answers (4)
Amanda Courtney
REP Realty Group
It is simpler than most people think. You just need to provide a lender with your financial "snapshot": your last two years of W-2s (or tax returns), two months of bank statements, and permission to pull your credit. They will run the numbers to verify your income and debt, then issue a letter stating exactly how much they will lend you. Do this before you start looking at houses, otherwise, you are shopping blind.
- 1 month ago
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Steven Hunt
Real Broker NY LLC
You can do either. Some lenders have an online application, some in person and some can do it over the phone. Documents needed are usually
1) ID
2) 2 most recent pay stubs
3) 2 most recent years of W2s or Tax Returns (Self Employed)
4)2 Most recent bank statements
1) ID
2) 2 most recent pay stubs
3) 2 most recent years of W2s or Tax Returns (Self Employed)
4)2 Most recent bank statements
- 3 years ago
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- Unhelpful (0)
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Jennifer Davidheiser
The Real Estate Professionals, Inc.
Hi Andrew. I personally suggest finding a local lender. Perhaps someone that a friend or family member used. In my area, sellers and listing agents like to see local lenders involved in the sale. Find a lender who is familiar with your local taxes and other pertinent sale info. Most of the preapproval and application process can be done online. They will need initial information such as income, credit card bills, car loans, rent payments, school loans, bank account balances, etc. Best of luck with your purchase!
- 3 years ago
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Danielle Cunningham
Keller Williams Realty Harrisburg PA
In most cases you can do the entire process online with a lender, and many buyers never need to step into a bank at all. When I work with buyers, I usually recommend starting with a mortgage lender or loan officer first so you can get pre-approved and understand your budget before looking seriously at homes.
The documents you typically need are:
recent pay stubs
W-2s or tax returns
bank statements
photo ID
proof of any additional income
information on monthly debts like car loans, student loans, or credit cards
If you are self-employed, you may be asked for more documentation, such as additional tax returns or business records.
I also tell buyers not to assume they have to use their personal bank. Sometimes a mortgage lender, local loan officer, or broker can offer more guidance on loan programs, first-time buyer options, or closing cost assistance.
The first step is usually getting pre-approved, and that can often be done online, over the phone, or in person depending on what is most comfortable for you. The goal is to make sure you know your numbers before you start falling in love with houses.
The documents you typically need are:
recent pay stubs
W-2s or tax returns
bank statements
photo ID
proof of any additional income
information on monthly debts like car loans, student loans, or credit cards
If you are self-employed, you may be asked for more documentation, such as additional tax returns or business records.
I also tell buyers not to assume they have to use their personal bank. Sometimes a mortgage lender, local loan officer, or broker can offer more guidance on loan programs, first-time buyer options, or closing cost assistance.
The first step is usually getting pre-approved, and that can often be done online, over the phone, or in person depending on what is most comfortable for you. The goal is to make sure you know your numbers before you start falling in love with houses.
- 2 days ago
- Helpful (0)
- Unhelpful (0)
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