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The Importance of Being Pre-Approved for your Massachusetts Home Purchase
If you have begun the process of searching for a home in Massachusetts you have probably learned that the first step in this journey is obtaining a pre-approval from a bank.  A realtor may have suggested that you get "pre-approved" and this step is vital in today's home buying market.  
What, exactly, is a pre-approval?  
You may have started the process by going to on-line sites like Lending Tree to put bids out to receive competitive programs that fit your needs or Bankrate.com which has all of the current mortgage rates. 
The actual pre-approval is a letter from a lender stating that you are pre-approved to purchase a home for a certain price and with a particular loan amount.  
It begins with you contacting a lender and laying out your particular financial situation as well as any special circumstances you may have.  The lender will collect data from you such as tax returns and other relevant information to support the income you are claiming.  They will also want to see W-2 forms for the past two years, pay stubs for the three months and bank and brokerage statements from the last three months.  
Additionally, you will be asked to provide information about your current living ... more

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