It is highly recommended that any homebuyer prequalify with a lender before they start their new home search.  This is beneficial to the homebuyer in several ways:

First of all, you can determine which loan program best fits your needs and which programs you qualify for, so there are no surprises. 

It also allows you to know how much home you qualify for, since it could be very disappointing to find a home only to find out you can't afford it.

If you are a first-time buyer, you may be able to qualify for special first-time buyer programs, like the $8,000 tax credit.

Things to get ready for your lender to get you prequalified:

Personal and financial information from everyone going to be on the loan as follows -

Address of any place you have lived over the past two years

Social Security Number(s)

A valid ID, such as a driver's license or passport

Names, addresses, and contact information of all employers for the last two years

Two months of most recent paystubs, including year-to-date earnings

Prior two years Federal Tax Returns and W2's

Any other source of verifible income you want to include

Two most recent months of bank statements for all checking, savings, and money market accounts

Any recent (monthly, quarterly) statement of investment accounts including stocks, mutual funds, CD's, 401K, etc.

Addresses and estimated values of all real estate owned

Your best estimate of all your personal property, including autos, furniture, jewelry, television, etc.

Names, addresses, account numbers, and payment amounts on all loans or lines of credit, including, but not limited to real estate loans, home equity lines, auto loans, and credit cards

Divorce decree if applicable

By TwitterButtons.com

*************************************************************************************

Contact Troy and Mia Erickson, Realtors®, Terra Solis Realty, LLC. Licensed Realtors® in Arizona at 602-295-6807 to purchase a new home in Gilbert, Chandler, Queen Creek, Phoenix, and the rest of Maricopa County, Arizona. You can also contact us with questions regarding the new first time homebuyer tax credit of up to $8,000. We are always accepting referrals.

You can view all the Chandler and East Valley Homes For Sale from my website, or click on the Search For Homes or Featured Listings link from here. We know Chandler and the East Valley, and we are here to help.