You want to make sure you not only get a home when you are ready to purchase one, but once you get a home you also want to make sure you’re able to close escrow. So before you start your home search – you want to actually #1 CALL ME, and then #2, you want to get pre-approved!
Hi, I’m Tanja Odzak, Our East Bay Home brokered by eXp Realty and let’s talk about pre-approval. A pre-approval is a verification of your ability to borrow money to purchase a home. Not all lenders are great for home buying, some are better for refinancing. I help guide my buyers through the multitude of lenders out there and figure out which one works best for them.
When taking that first step to get a loan, a lender will look at your credit score to see what programs you may qualify for, what interest rates are available to you, and will also need the following documentation if you’re a W2 employee:
- 1 Last month of pay stubs
- 2 LAst 2 months of bank statements
- 3Last 2 years of tax returns
- 4 Your SSN
If you are self-employed, your lender will also want:
- 1 Last 2 years business tax returns
- 2 Last 3 months Profit & Loss statements
After receiving these, your lender may be able to issue you a pre-approval, and if they send your file off to the underwriters… they can get you a pre-underwritten preapproval which is the best status to have. This should state the maximum amount you can borrow and the financing program you’re qualified for. This letter is good for 90 days, after which you’ll need to verify your information with your lender again.
Getting all these documents together as quickly as you can will make the buying process that much easier! Give me a call and I will be sure to give you any information you need and help connect you with a lender! Again, this is Tanja Odzak, Our East Bay Home brokered by eXp Realty and I’m always here to help. Reach out anytime even if you’ve just got questions.
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
Why not check out one of my no-obligation, online, On-Demand, virtual Real Estate Seminars?