What to Bring to get Prequalified for a Mortgage

All you need to bring with you to prequalify for a mortgage.

Collect personal documents, such as two types of government badges. Which do I need to bring with me to be prequalified for a mortgage loan? Home Guides

Pre-qualifying for a mortgage before you seriously begin buying for a new home is a big step financially, according to BankRate. Pre-qualification is a non-binding commitment from a creditor as to how much cash you can lend. The prequalification can also result in a pre-approval, which is a legally-binding agreement between you and a creditor.

One mortgage requirement allows you to concentrate more on the house itself and less on the search for the cash to safeguard the real estate. During the pre-qualification procedure, BankRate requires you to submit personally identifiable information such as first name, mailing information, social security number, date of Birth and previous adresses.

When your husband or wife is part of the mortgage purchase procedure, you should also include his or her information. Unless you obtain prior approval, you may not be required to demonstrate your earnings using off-the-shelf tools such as bank rate declarations and payroll statements. However, remember that the facts you give about your earnings will have to stand up to scrutiny at some point in the credit review can.

If, during the pre-qualification phase, you say that you are earning $60,000 a year but cannot demonstrate it for the purpose of the endorsement procedure, then you will have significant difficulty actually obtaining this mortgage. The creditor must be authorized to review your mortgage report, which includes your FICO score, bank rate and Yahoo! financial statements.

Whether you are visiting a creditor in person or dealing with the issue over the phone, you either need to complete a letter of agreement or give verbal approval. Rating assessments are an important part of the pre-qualification procedure and cannot be overlooked. When you have a copy of your loan report, you can make it available to the creditor, but a sales agent will most likely still have to order a copy directly from the accounting firm.

It is not necessary for your loan information to include all your receivables. BankRate and Yahoo! Finance both point out that an assessment of your current mortgage burden is a necessary part of the pre-selection procedure for mortgages. Be sure to include particulars of any indebtedness you have that is not listed on your loan report, such as family allowance and upkeep.

Creditors assess your debt-to-income ratios when they determine how much of a mortgage you can really afford. However, if you are looking for a mortgage, you should consider how much you can really pay. Particulars about your current asset base, such as your saving account, proposed home deposit, shares and other property, are important for the mortgage pre-qualification processes, BankRate banknotes and Yahoo! financing. Also note that once you have entered the pre-approval or conclusion phase of a mortgage you must provide proof of the origin of your down payments.

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