Before you shop for your new home, you'll want to get a pre-approval that shows you are qualified to purchase a home within your budget. CityWorth Mortgage offers amazing loan options based on your personal information and will gladly work with you to find a program that works best for you and your family. Preparing for the loan process will help eliminate confusion while ensuring that the process goes as smoothly as possible.
Here are six factors reviewed during your mortgage approval process:
1. Residence History
Documentation for the past two years of residency should include your landlord’s or current mortgage company's name, address, and phone number.
2. Employment History
The past two years of employment history should include the employer's name, address, phone number, and the dates of employment.
Show proof of income by providing the most recent pay stubs for the past 30 days as well as your W-2's from the previous two years.
4. Bank Accounts
Be prepared to show bank statements for the past few months and explain any large deposits within 30-90 days of applying for your loan.
5. Credit History
Credit history is important to lenders, but at CityWorth Mortgage understands that you are more than a number. We'll look over your credit report with you and talk through your personal circumstances to make sure we can get you into your dream home.
6. Tax Returns
Have on hand your tax return for the previous two years. Your tax returns will be reviewed for any deductions that may affect your qualification.
Gather all the documentation needed before applying for a loan as missing documents can cause delays.
Let's review the basic documents you'll need:
Call CityWorth Mortgage today to speak with an experienced mortgage banker who can help you determine what documents you need to send and how each of these factors will impact your loan pre-approval amount.