By Joe Szabo, Scottsdale Real Estate Team
Applying for a loan is different from getting prequalified for a loan. Getting prequalified involves going to a lender and having the lender analyze your financial situation and come up with an approximate amount you can borrow. You have to apply for a loan to get preapproved. The lender will want to see documentation and proof that you actually have the assets and debts you say you do.
You should have some key pieces of information to speed up the process. These include copies of bank statements for the last three months, copies of all account statements including stock accounts, copies of your most recent pay stubs, and your W2 forms for the past two years. If you are self-employed you will need the past two years of tax returns and a profit and loss statement for the year to date. If the money you are using to buy the house is a gift from a friend or family member have a gift letter as well.
You will need to make some other important decisions at the time of your application. These include what type of mortgage you should choose, if you should float the rate or lock it in, and how many points (if any) do you want to pay.
Keep all of this in mind and go in to a lender prepared, it not only speeds up the process but shows the lender you are a serious buyer.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area. If you are looking to buy or sell real estate in Scottsdale, Arizona, contact Scottsdale Real Estate Agent Joe Szabo. Award winning Realtors and Re/MAX top producers for Scottsdale, Arizona, The Szabo Group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020 480.688.2020 or visit www.scottsdalerealestateteam.com for more information.