Michigan Home Loan Information
Benefits of Mortgage Pre-Approval
The mortgage industry has changed quite a bit so whether you're a first-time home buyer or an experienced buyer, it's best to get pre-approved before looking for your Dream Home. Today most experienced Realtors® won't even show buyers homes without knowing what they're qualified to buy. Even worse, many properly represented sellers will not accept your offer without a pre-approval letter and almost all foreclosures require a pre-approval with an offer.
Mortgage Pre-Approval is a benefit to you, and is typically done free of charge in order to help facilitate a transaction. Getting Pre-Approved will give you valuable information regarding the mortgage process, including down payment requirements, closing costs and payment information.
An experienced Mortgage Banker can guide you through the process and answer any questions you have regarding your finance options.
Get started right now by filling out the form below.
Information Needed When Applying:
- Pay stubs for the most recent FULL month.
- W-2 Forms for the two most recent years.
- If self-employed, two years individual and corporate tax returns and year-to-date profit and loss (P&L) sheet.
- Company ownership 25% or greater: Two years personal and corporate P&L sheet.
- Two months current bank statements (checking, savings, money markets, mutual funds, 401K’s stocks, bonds, etc).
- Loan information on any real estate owned.
- Address of current landlord (if applicable).
- Court decrees regarding bankruptcy, divorce, child support orders, and judgment satisfactions.
- Rental properties: Federal schedule E from most current tax return and current leases.
- Social Security awards letter, disability papers, or retirement awards letter (if applicable).
- Signed purchase agreement (if applicable).
- Copy of driver’s license.
- Copy of social security card.
Need More Information? Read about the various types of mortgage programs or use our mortgage loan calculator to help determine your monthly payment.
