3 tips to help your pre-approval

In today's real estate world everyone is looking for a edge to purchase a new home, so we thought we'd give you 3 tips to help your pre-approval process.  The pre-approval process is the first step in the mortgage process  and gets you set up to purchase your dream home, and also helps your lender determine what home loan you qualify for. Whether it's an FHA, USDA, VA and Conventional loans, you'll need to get pre-approved through a local lender and we'd like to help you get ready for getting pre-approved!

1. Keep it together
   • The Darren Copeland Mortgage Team tries to do all the work up-front so that means we're going to ask you for a lot of documents to verify your income.  So it's a good idea to be diligent and keep all your financial documents in order and together, so when we ask you to bring them in you'll be ready.  (it also might help to have a digital copy of it, PDF's are great!)  This also includes documents detailing divorces and child support as these can affect your pre-approval amount.
2. Keep your money in one place
   • One of the issues we see quite a bit is people shifting money around through their accounts.  Every financial document is going to be poured over by people who want to make sure you're going to pay back the loan, and that means we need to see stability in your finances. Constantly shifting money around makes it difficult to see that, so keep your accounts clean and don't move money around a lot while you're in the home buying process.  This also means don't go out and buy a new car or furniture while you're getting pre-approved; that can derail the entire process as well!
3. Prepare to write some letters.
   • Let's say that you are recieving a gift from a family member (as you can do with FHA home loans), you're going to need to explain what family member is doing that and how much they are gifting you.  [UPDATE: as of September 14, 2015 you'll also have to provide a financial statement showing the gift's withdrawl from an account.] Just be ready to explain issues in writing often times this is a way to get creative and avoid mortgage difficulties.

If you follow these 3 tips we can assure you that you'll be ready for whatever comes your way in the pre-approval process and we hope you're ready to get pre-approved! Thanks for reading our 3 tips to help your pre-approval

Darren Copeland, Vice President LeaderOne Financial

4967-B NE Goodview Circle, Lees Summit, MO 64064

(816) 268-4025

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