What Are the Documents Needed for a Mortgage Preapproval?
If you’ve already started looking around for a new house to purchase, you might’ve noticed that competition for homes can be fierce. That’s especially true if you’re house-hunting in a seller’s market where it can feel like homes barely make it up for sale before intrepid buyers make offers and get those desirable properties under contract. If your home search is taking place in one of these in-demand markets — and even if it’s not — you want to increase your chances of being able to act quickly and make an offer on a property you love. While it isn’t a requirement to do so, getting a mortgage preapproval can strengthen your offer and streamline the process of purchasing your new home.
To help you sort through the process, we’ve rounded up the basics about preapprovals, including the various documentation you’ll need to provide to a lender for them to get the details they need about your financial situation and efficiently process your application. From income statements to alimony payments and retirement income, learn more about what you need in order to prepare for a mortgage preapproval.