The FinancialMD

Pre Approval -
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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.
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Paperwork required -
-Paystubs - at least the last 2 or 3 paystubs, verify employment and income.
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-Credit report - the bank will pull the credit report, by law they have to give you a copy of it.
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-Government issued Identification- the bank wants to make sure they are lending to the right individual.
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-Social security Card.
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-Last 2 months bank statements.
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-Tax returns for the last year.
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-Investment accounts statements.
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-List of all monthly expenses.
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-Landlord references- Bank wants to make sure you pay on time.
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-Gift letter - any money you are getting has to be reported as a gift.
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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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