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Why do you keep asking me for all that paperwork Mr. Loan Officer?
Back in the good old days of the real estate boom, all you had to do was have a pulse and you'd get approved for a loan. Fast forward to the mortgage crisis, and many layers of fact-checking have been added to the mortgage process (as they should have been from the beginning) by regulators, Fannie Mae, Freddie Mac, and FHA (the national authorities who finance the majority of mortgage loans).
Lenders go through a 5 step process from the time they meet the borrower to the time the transaction is closed, and they need a whole lot of paperwork along the way. So borrowers, start getting your ducks in a row and be ready for your loan officer at every stage!
 
Stage 1: Pre-approval
 
At this stage, you'll need to provide all income and asset documentation to determine whether you qualify for a mortgage. Documentation required include:
 
*Credit report
*W-2's
*Pay stubs
* Most recent federal tax return
*The last 2 months of bank and investment statements (all pages, all accounts)
Your credit will be reviewed and the loan data will be put through underwriting. The loan officer will then issue you a pre-approval letter to take ... more

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