Pre Approval-Pre Qualification| Buyers Be Prepared! Here are some quick tips to prepare buyers for the Loan Approval Process. Buyers today should be aware the financing process by nature has changed from 3 years ago. The documentation can be overwhelming but if they turn the items in early, things will usually run pretty smoothly. Keep these tips in mind.
- Deposits always have to be paper trailed all the way to their source. Yes, it's cumbersome but if the client can't prove the source then that account and the money can't be used
- Cash Deposits are like death. This is the biggest pain for Lenders, having to chase down multiple deposits from multiple accounts. The ideal situation is someone who has an account with no money movement....or only just depositing their paycheck and regular spending habits.
- Consistency in Work History- Clients must demonstrate beyond a doubt that their income and job have consistency and a history.
- Tax Returns-if you haven't filed your tax returns for the last 2 years (W2's and/or 1099's also) or turned them in for review....nothing is 100% guaranteed.
The Pre Approval-Pre Qualification process has gotten a bit stickier. These 4 points are common "hang-ups" that can hold up your purchase or ultimately cause you to Not Qualify for the home loan.
Having these items ready to go from the beginning will help save you from potential grief. You must be Armed and Ready to participate in this market!
Copyright © 2010 By Stephen Munson,Munson Realty –Homes For Sale Pasadena*Pre Approval-Pre Qualification| Buyers Be Prepared, Pre approval-pre qualification*
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