How to Get Pre Approved Home Loan | Home Loan Process | Best Home Loan | Getting A Home Loan

There seems to be a lot of confusion when it comes to Getting Pre Approved For a Home Loan. We published a short video about pre-approval on our youtube channel that we wanted to share.There also seems to be some confusion as to what “pre-approval” actually means. We talk to a lot of people, Realtors included, in Oregon and Washington who use the terms “pre-qualified” and “pre-approval” interchangeably. How to Get Pre Approved for a Home Loan.The fact is, those terms have very different meaning to us anyway.“Pre-qualified”, in this ninja’s humble opinion, means that you have a pulse and a job.”That doesn’t really carry a lot of weight. Pre-qualification is worthless to everybody involved. “Pre-approval”, on the other hand, means that all of your financial, credit, and employment information has been documented. That is why we mention in the video that you need to gather up the following documentation. Most recent retirement, 401k, or other investment statementsThe last 2 yrs Federal Home Tax Returns, all pages and your w2s and 1099sIf self-employed with business returns, last 2 years business tax returns, all pagesCopy of divorce decree and child support documentation, if applicable Bankruptcy discharge paperwork, if applicable proof of payment for any judgments or liens, if applicable Award letters for Social Security, disability, etc. if applicable.

Home Loan Guidelines | Real Estate Home Loans | Pre Approval Home Loan Process | Home Loan Information

Once your information has been reviewed, documented and verified, your Licensed Mortgage Professional like James will be able to enter all of your information into an automated underwriting engine (computer program) to determine your eligibility based on current underwriting Home Loan Guidelines. If your automated underwriting results come back “approved”, then you can be considered to be pre-approved. Some folks would take it a step further and say that your file then needs to be reviewed by an actual underwriter, and there is really nothing wrong with that . Real Estate Home Loans the only problem is that if you are buying a home, the underwriter will also need to review information about the property itself, which you probably haven’t chosen yet. And, if you are working with a competent Mortgage Professional (like James), with a good support staff (like me), the automated underwriting results should be as good as you can get without having selected a property.If you have any questions about the Pre Approval Home Loan Process, or Home Loans in Oregon and Washington, feel free to contact us anytime.

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