what is needed for mortgage pre approval

Pre-approval means that a lender has stated in writing that you qualify for a mortgage loan based on your current income and credit history. A pre-approval usually specifies a term, interest rate and mortgage amount. A pre-approval is typically valid for a brief period of time and usually has a number of conditions that must be met.

Pre-Approval Letter. After assembling and reviewing the application, credit report and documents needed for mortgage pre-approval, the mortgage underwriter will render either a "yes" or "no" decision. If the answer comes back "yes," your lender can issue a pre-approval letter.

Common documents needed for a home loan pre-approval include bank statements, pay stubs, W-2s and tax returns. The Various Stages of the Mortgage Process While this article focuses on the paperwork that’s typically needed for a mortgage pre-approval process, we need to touch on the other stages of the lending process as well.

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Your mortgage specialist will advise you about the documentation (income confirmation, down payment confirmation, etc.) you’ll need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved.

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Mortgage prequalification differs from a pre-approval in that prequalification assesses whether your debt-to-income ratio fits U.S. Bank’s program guidelines for home loans. It also provides an estimate of how much you may be able to borrow – a good first step in your house-hunting journey.

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Gift letters are not required for the pre-approval, but the proof of cash to close will make the process easier. The mortgage loan officer should be able to determine the income and the assets that can be used to qualifying for a mortgage based on the documentation provided.

Most real loan officers need at least a few hours after having the complete application, credit report and documentation to review your figures, especially if there is any of the following: Any lender.

For a mortgage pre-approval the borrower must complete a loan application, have their credit and score checked,verify income using W2’s and tax returns. The funds for the down payment will also need to be verified with a bank statement. Your debt-to-income ratio is then calculated to ensure you meet the lenders guidelines.