Parkland Florida Home Loan Process
THE BEST ADVICE… GET PRE-APPROVED
Most real estate agents and lenders highly recommend that you, as a home buyer, get pre-approved with a lender before selecting a home to purchase. This way, you will have the best information about the right price range for your pocketbook.
9 GREAT REASONS TO GET PRE-APPROVED
- Pre-approval determines which loan program best fits your needs.
- You won’t waste time considering homes you cannot afford.
- You are ready to write and present an offer on the home you really want when you find it.
- Your buyer specialist can give the seller a pre-approval letter for you.
- In today’s market, with multiple offers on properties, pre-approval puts you in a much better negotiating position.
- You will know the amount needed for down payment and closing costs.
- If you are a first-time buyer, you may be able to qualify for a special first-time buyer program that may allow you to afford more home for your money.
- If you feel you would like and can afford a higher mortgage payment, other options may be available.
- Peace of mind.
When it comes to getting pre-approved for your loan, your lender will ask you for the following items. To expedite the process, have the following information ready when you apply:
- Full name
- Marital status
- Previous address (if less than 2 years at current address)
- Landlord (past 2 years)
- Phone number
- Place of employment (past 24 months)
- Length of employment
- Previous employer (if less than 2 years at current employer)
- Social Security number
- Name and age of dependents
- Base pay (pay stubs for 1 month)
- Real estate income
- Interest income
- Alimony/child support (Copy of Divorce Decree) (Need not be disclosed, if you choose.)
- Other regular income (Social Security, retirement accounts, etc.)
- Last two years’ W-2s and federal tax returns
- Names and addresses for these accounts will be required along with account numbers
- Cash (savings, checking, money market)
- Securities (stock, mutual funds)
- Value of real estate
- Proceeds from sale of current home
- Cash value of life insurance
- Personal property
You will need the total due, monthly payments, and amount of payments remaining. Names, addresses, and account numbers will also be required.
- Automobile loan
- Bank loan
- Real estate mortgage
- Personal loan
- Notes payable
- Credit cards
- Alimony/child support
- Outstanding judgments
- Miscellaneous debt
- Bankruptcy and discharge of bankruptcy