Home Buying Process
Step 4: Getting Pre-Approved
Getting pre-approved is a strong first step if you're buying a home. It lets you show the sellers that you're serious. Many buyers find that they have increased negotiating clout if they are pre-approved when they conduct their home search. Plus, if you're pre-approved, it's a snap to apply for full approval once you've found your dream home - or want to begin building one. To apply for pre-approval, you'll need the following information:
- Names, current addresses, and Social Security Numbers for all borrowers
- Previous addresses for the last two years
- Pay stubs for the last two years
- Two cycle's worth of bank statements for all assets
- W-2 forms for the last two years
- Tax forms for the last two years
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