Why is it important to be pre-approved?
To be a serious buyer in today's market, most sellers will not accept an offer unless you have been pre-approved by a bank/lender. Obtaining pre-approval is determined by a number of factors. Banks/lenders will verify basic information such as FICO scores, work history, identification, assets, and income. Most sellers will want to see pre-approval documents prior to accepting an offer in order to minimize any potential risks during the escrow process. You can get pre-approval from either a bank or your preferred lender.
My opinion as your realtor:
Get pre-approved! Besides the aforementioned factors, as a realtor a pre-approval letter lets me know what your budget is to buy a home.
How to get pre-approved:
You can get pre-approved from either your bank or your preferred lender, what ever you feel most comfortable with.
My preferred lender:
Stearns Lending, LLC
NMLS # 225466
Direct: 714. 721. 3168
List of what you will need to get Pre-approved:
Tax Returns- Prior 2 Years
ALL W2/1099- Prior 2 Years
Bank Statements: Prior 2 Months
Proof of monetary funds- Down Payment
Pay Stubs- Prior 2 Months
Social Security Card
State issued Identification