3 Key Documents for a Preapproval
We try and stay healthy and fit in our everyday lives. So why wouldn't your mortgage fitness be important as well? Learn more about mortgage terms, loan programs and steps during the loan process for purchasing or refinancing your home. Are you ready? Let’s get Mortgage Fit.
HI. I’m Courtney Lynch from New American Funding. Today we're going to talk about the three key documents lenders need to help get you started on your preapproval process so you can find your dream home. The first document is going to show your continued income. We will need the last two years of your W-2S and the last two years of your tax returns. The second document we will need is a pay stubs. We will need 30 days’ worth of income. So that means one pay stub if you're paid once a month, or two pay stubs if you're paid twice a month. And the third document will be to show assets.
Assets come in multiple forms. You can show bank statements, your 401K or IRA account, or even submit stocks and bonds. This shows lenders you have enough for a down payment, closing costs or cash reserves if you need to make a mortgage payment. Once you have these documents put together, we can help you get preapproved and find your dream home. Thanks for watching this episode of Get Mortgage Fit and keep watching our series to improve your mortgage health.