Getting Pre-Approval?

Question

What information do I need ready to get a pre-approval???

Can this be done over the phone for a joint mortgage?

Answer 1

Yes it can be done over the phone for a joint mortgage.

The information you will need is both parties social security number and how much your income was last year.

The will run a quick surface credit check on the two of you and come back with an amount for the pre-approval. This amount is not a guaranteed approval amount, it is only a ball park figure that the mortgage company will stand behind if there no problems when they do the in depth credit check.

Answer 2

First is get a Mortgage Broker or Mortgage lender. Someone you trust!!
They have to fill out a form called 1003, you will have to give them your information (SS incluided). They will run your credit report to see if you really qualify. After that (depending on the score) they will ask you for your paystubs, taxes and others.

Yes, you can do it over the phone, BUT, they have to explain you a lot of things about buying a house. Be sure they answer every question you have. NOt only, don't shop around too much. A lot of inqueries will damage your credit.
As soon as you have your score, ask for a copy of your credit, and next phone call, tell the broker or agent that you already have your credit, tell them your score and let's heard what they are offering you. -Don't trust if you don't have anything on paper! In this market, they will say whatever they have to say in order to get a client!!

I am a mortgage broker in California. You can contact me if you want at [e-mail] :)

Answer 3

A pre-qualification can be done over the telephone because the lender bases the decision solely on information you provide with regards to your income and expenses.

A pre-approval is generally done in person, as the lender will want to see bank statements, pay stubs and other financial documents.