Congratulations on targeting your dream home! However, before envisioning furniture layouts and paint schemes, the crucial initial task is securing pre-approval for a mortgage . Pre-approval is like having a green light from lenders, letting you know exactly how much house you can afford. It strengthens your offer in a competitive market and shows sellers you’re a serious buyer. Here’s a breakdown of the 4 key steps to get pre-approved for a mortgage: Gather Your Documents: To assess your borrowing power during the pre-approval process, you will need to provide certain financial documents. Here is a list of what you will probably be asked for: Proof of income: Paystubs, W-2s, tax returns for the past two years. Proof of assets: Bank statements, investment account statements. Debt documentation: Credit card statements, loan information. Check Your Credit Score: Having a good credit score can greatly affect the...
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