What You Need For Mortgage Pre Approval

By Author: Steve Avrus
Total Articles: 2
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Getting a preapproval or prequalification from Avrus Mortgage will go a long way in helping you close on the house of your dream. A preapproval from a mortgage lender will help you determine just how much you can spend on a house. You will therefore be able to limit your choices and close on a suitable home much faster than if you sought the approval after you had begun your search for a house.

Like many other top rated mortgage brokers, Avrus mortgage will have to carry out an appraisal before you can get a preapproval. The following is the basic information required by mortgage brokers to carry out an appraisal:

Proof of income
It is important for the lender to know that you can pay their money back. They will therefore need to establish that you have a steady source of income. You will therefore be required to provide proof of income. This is often provided in the form of pay stubs or W-2 Statements from the past two years. Other sources of income should be included in your applications. Acceptable additional sources of income include bonuses, alimony and tax returns amongst many others.

Credit ...
... history
Your credit score goes a long way in determining your mortgage rate. Many of the top rated mortgage brokers reserve the lowest mortgage rates available for borrowers with a high credit score. Those with poor credit are usually required to pay much more interest. Some brokers may give you lower rates if you pay for additional points.

Avrus Mortgage is a unique lender that serves even those who have been turned away by other lenders especially banks. Many borrowers who made mistakes in their past and have a poor credit history as a result come to Avrus for mortgage and are able to purchase their dream homes. Don’t let poor credit interfere with your dream of home ownership.

Assets
You will need to present your financial assets for evaluation. This includes bank statements as well as statements from any investment accounts. This will show the lenders that you have enough money to pay the down-payment. You should therefore inquire about the expected down payment to ensure you can afford it.

If the money you will be using to pay the down payment will be a gift or a loan from a friend or relative, it is important to submit a gift letter from the person confirming that they are giving you the money to make the purchase.

Employment
Your pay stubs may not be adequate evidence of a stable source of income for many top rated mortgage brokers. They may have to contact your employer to get confirmation that you are employed and the salary stated is exactly what you are paid. They may even contact your previous employer in cases where you have recently changed jobs.

Self-employed individuals will have to provide a great deal of additional paperwork so as to obtain the lowest mortgage rates available.
Be sure to provide accurate information to your mortgage broker to ensure that they can help you get an accurate quotation.

Steve Avrus is the author of this article on current best mortgage rate.
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