Get Pre-Approved for a Mortgage – First Steps in Buying a Home

If you’re hoping to buy a house or condo in Cambridge or nearby this spring you’ll want to get pre-approved for a mortgage as one of your first steps in the homebuying adventure.

Nowadays, sellers expect to see a pre-approval with an offer – and ideally one from a known, reputable lender with a track record of closing loans.  Real estate is moving very quickly in Cambridge this spring so you really need to get your pre-approval ready in advance.  Talking to a lender and getting a good idea of what you can afford and what your payments are likely to be will help you to focus on looking at properties that you know you can afford.

When you’re getting ready to buy real estate you need to get your financial ducks in a row.  Gone are the days of “no-doc” loans that didn’t require you to document your finances.  Nowadays lenders need to thoroughly document your finances before they will lend the large sums of money needed to buy real estate in today’s market.

Courtesy of Kevin Greeley, the absolute top notch NE Moves loan officer, here’s what your lender will need when you are ready to get pre-approved for a mortgage:

What Do I Need to Get a Mortgage Pre-Approval?

Income and Employment Information:

•  Last 2 years of W-2’s (if self-employed, 2 year’s complete and signed 1040 tax returns).
•  Current year-to-date paystub (covering last 30 days)
•  Complete addresses and phone numbers of employers for the past 2 years.
   

Liquid Assets Info (checking, savings, and/or investment accounts used for the purchase of property):

• Complete addresses and account numbers of checking, savings, and/or investment accounts. 
• 2 months of statements and/or passbook.
•  Verification of the source of any large deposits in statements provided.
•  If receiving gift funds, fully executed Gift Letter. (see loan officer for details)
   

Miscellaneous:

• If separated/divorced: copy of separation/divorce decree and/or child support agreement.
• If resident alien: copy of both sides of Resident Alien card.
• If relocation or new position, copy of Offer Letter and relocation benefits, if applicable.

I can’t say enough about working with Kevin Greeley to get a mortgage.  We have been so fortunate to work with him over these crazy years in the mortgage market.  He is very thorough, anticipates problems and solves them before they become an issue, he personally dots all the Is and crosses all the Ts along the way, he is a master of all of the loan products and scenarios that come up in lending here, and he has a marvelous manner that will put you at ease in what can be a stressful situation.  Repeatedly, attorneys and agents comment on his ability to get a loan closed when other lenders are floundering.

You don’t have to be buying your house or condo with Coldwell Banker to get a loan from NE Moves Mortgage with Kevin’s help.  If you’re shopping for a mortgage or need to get pre-approved I encourage you to call Kevin at 781-929-4147, email him at [email protected]  or contact him online at his mortgage website.

Categories: Buyer Info
Tags: Mortgages

This entry was posted on Tuesday, February 28th, 2012 at 9:08 pm and is filed under Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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