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Pre-qualification or Pre-approval?

In the real estate world, the terms “pre-qualification” and “pre-approval” are often used interchangeably. But they have very different meanings.  Once you have narrowed down the lender that best meets your needs, you will need to get pre-approval for a loan.

Pre-qualification is an estimate of how much you can afford in a mortgage payment. It is based on the information that you provide the lender, which is later subject to the approval process and additional information. This additional information would include a credit report, appraisal, and income verification. During the pre-qualification process this information is not routinely verified.

Pre-approval is a firm commitment on behalf of the mortgage company. The process of pre-approval is more formal in that the lender includes credit check and employment verification.

If you have been pre-approved for a loan, you can shop for a house with more certainty. Additionally, the seller is likely to view you as a more capable buyer. This can give you an advantage as a buyer in the marketplace, especially when the seller is considering multiple offers.

If you are interested in obtaining pre-approval, the check list below may be useful to you as you compile the information needed for your lender.

● W2 Forms from the past two years
● Pay stubs from the most recent months
● Employment History
● Social Security number(s) for both the borrower and the co-borrower.
● Bank statements for checking and savings account for the past three months
● Credit information and be able to provide a letter of explanation for any credit problems.
● Tax Returns-provide two years of federal income tax returns and all schedules if you are self employed.
● Stocks, Bonds, and investment accounts-these are needed if you are using this in the purchase of the home
● IRA/Retirement Plan-know the value of these plans and be able to provided the most recent statements.
● Life insurance policies-cash value of each policy if you are using this for the purchase of your home.
● Automobiles owned-make and year of each automobile and the current market value.
● Gift letters-If part of your down payment or closing cost is a gift, a signed letter is needed from the donor to verify that it does not need to be repaid.
● Other income-documentation of other income for the last 12 months
● Renting-provide landlord information and rental payment history
● Self-employed- two years of profit and loss statement
● Divorce or separated-provide copy of decree and twelve month payment history of alimony and child support
● Student-provide school transcripts or diploma

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