Making the decision to purchase a new home can be exciting and stressful. When looking at homes there can be quite a big difference in value and prices. When talking to an agent or looking for yourself you may not know how much you can afford. Take the stress of home buying away by getting pre-qualified for a home loan. This way you will know exactly the price range you can afford to look for.
Getting pre-qualified is not as hard as it may sound. After choosing a lender you will need to bring a few items with you so that the process can be done quickly. Each lender may want something different, but the majority of lenders will need the following items to help pre-qualify you for a home loan:
Credit report - You should bring in a copy of your (and any co-signer) credit report from the three credit agencies: Equifax, Experian and Trans Union. This is the first thing your bank will need to see. If you don't bring a credit report, it may take days for your bank to get them. You can get these reports yourself from home before going to the bank. Go to Freecreditreport.com for your copies.
Work history - Your bank is going to look into your work history and will need to know information on your current employer. They will probably look back a few years into your work history. If you have not been with your current employer for at least 2 years you will need to bring information on former employers as well. You need to have the full name of your employer, address, phone number and what your gross income is. A month or two of your paycheck stubs will be very helpful to your lender and may quicken the loan process.
Bills - Allowing your lender to see your current financial situation other than what is on the credit report can help them determine what you can afford to pay each month on a mortgage. Bring a copy of all of your monthly bills with you including electric, gas, water, grocery, phone and any other bill that may not be on your credit report.
Identification - This is something that may seem small but is required. Have your driver's license ready when going to your lender to get pre-qualified. You will need some form of picture identification if you don't have a driver's license.
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