Thinking about taking advantage of today’s low interest rates and buying a home? Getting pre-approved before you shop can help you land your dream home faster in this white-hot market.
A mortgage pre-approval lets Realtors and sellers know that a lender has verified your credit, income, and other factors that determine whether you can afford the home you are considering. You won’t waste time looking at homes outside of your price range, and when it comes time to make an offer, you’ll have an advantage over buyers who are not pre-approved. That can make a difference when there are multiple offers on a home.
Getting pre-approved is easy! To start, gather these financial documents:
- Your credit report – Obtain a copy as early as possible and check it for accuracy. If you can, pull your credit report three months before you plan to apply for a pre-approval so there is time to correct any issues or mistakes. Each major credit bureau must provide one free credit report annually to consumers requesting a copy. Visit annualcreditreport.com to get yours.
- W-2 forms – We’ll need copies from the past two years.
- Paystubs – Copy your two most recent ones.
- Financial account statements – Collect statements from the past three months, including retirement accounts.
- Lines of credit – If you have opened any in the past six months, we’ll need copies of those statements, since they might not show up on your credit report yet.
- Auto Loan account information – Include account numbers and statements.
- Information on vehicles you own- include make, model and resale value.
- Credit card account information – Include card numbers and types of cards, balances, and minimum payments.
- Other loan account information – Think student loans and personal loans.
- Gifts– If you are fortunate enough to have funds for your down payment gifted to you, identify how much and where it will come from. Be prepared to document that it’s a gift and not a loan.
Now you’re ready to get pre-approved at Baltimore County Employees Federal Credit Union! Contact a Mortgage Counselor at 410-828-4730, firstname.lastname@example.org
, or complete this form
and we’ll reach out to you.