Are you a 1st time home buyer or even a move up buyer looking to purchase a home? If so then you have probably been told that you need to start the home buying process by getting pre-approved. The pre-approval process will allow you find out how much you qualify for based on your income and current debt and will give you an idea of how much you would expect to pay per month based on that price.
Why can’t I go look at properties and then find out how much I can qualify for after I find the right property?
Well, the answer is simple, you need to first make sure that you can qualify to purchase before you get your hopes up by going out and looking at property. The pre-approval letter is one of the items that is needed when your Realtor submits your offer as the Sellers want to know that you are fully qualified before they will even consider looking at your offer.
How long does the pre-approval process take? Can I get my pre-approval letter the same day?
The process is really quick if you have all of your items and will only take about 20 minutes. You can have your pre-approval letter the same day to begin making offers.
What items do I need to get pre-qualified?
- Your last 2 years of Tax Returns
- Your last 2 months of all asset accounts (checking, savings, IRAs, 401ks, etc..)
- Your last 2 Pay Stubs
To get more information on the pre-approval process, please go to the following link as it can really help guide you through the process http://www.jebsmith.net/preapproval