Stewart Brown Jr – Mortgage Loan Originator – Purchase or Refinance
Learn about the Mortgage Pre-Approval Process
Get pre-approved today for the home of your dreams with Stewart Brown, Jr. Mortgage pre-approval is a commitment from a lender to provide you with home financing up to a customized pre-approved amount. A mortgage pre-approval is issued by your lender to show home sellers that you’re a serious buyer.
Why is a mortgage pre-approval important?
We can help with your Pre-Approval
What forms do I need to complete for a Pre-Approval?
– An authorization agreement granting us permission to obtain your credit history from a credit reporting bureau.
What documents should I be ready to provide for a Pre-Approval?
2.Proof of Income Employees – most recent pay stubs Self-employed – profit and loss statement Passive income – most recent financial asset statements
3.Financial Asset Statements – At least two months of your most recent statements, including: Bank checking and savings Brokerage Retirement fund – 401K, pension, self-funded ( ROTH, SEP, Individual), annuities Trust 4.Tax Returns Employees – W-2 forms and tax returns for the last two years. Self Employed – Profit and loss statements, 1099, and tax returns for the last two years. Passive Income – Tax returns for the last two years.
After you're Pre-Approved
Pre-Approval Benefits
Once a lender pre-approves you for a mortgage, you’ll get a pre-approval letter you can then take to sellers. This letter shows sellers you’ve already started working with a lender, and that lender has thoroughly reviewed and analyzed your credit, income and assets to determine your eligibility for financing. A Pre-Approval gives sellers peace of mind to know they won’t be wasting their time with someone who can not afford their home.
Pre-Approval Expiration
All mortgage pre-approval letters have an expiration date. Many things can change after you get pre-approved, such as your income, credit history, available assets for down payment and closing costs and even the interest rate. Because of these variables, your pre-approval normally only lasts for 60 to 90 days. When the pre-approval expires, you’ll have to update your paperwork in order to get a new one.