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Pre Approval -

Getting pre approved or approved means going to the bank, submitting all your paperwork.

Bank will take a few days then tell you how big of a loan they can give you. 

Paperwork required - 

-Paystubs - at least the last 2 or 3 paystubs, verify employment and income. 

-Credit report - the bank will pull the credit report, by law they have to give you a copy of it. 

-Government issued Identification- the bank wants to make sure they are lending to the right individual. 

-Social security Card.

-Last 2 months bank statements. 

-Tax returns for the last year. 

-Investment accounts statements. 

-List of all monthly expenses.

-Landlord references- Bank wants to make sure you pay on time. 

-Gift letter - any money you are getting has to be reported as a gift. 

The pre approval letters from banks typically last for 60-90 days. It will give you a solid idea of how big a mortgage you can get according to your finances. It will make you a more attractive buyer when you are in the market for a property. 

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