As discussed in a previous blog, when you decide to buy a house, the first step is to consult with a mortgage professional to discuss your qualifications.
Here’s are the steps to getting pre-approved with o2 Mortgage.
Start with a phone call with a mortgage professional
Your journey into homeownership will start with a phone call with your mortgage professional. During this call, we will ask a series of questions to better understand your situation and have a better idea of what documents they will request from you. This conversation is what is known as a pre-qualification.
Get your documents in order
Now that you know what is needed to obtain your pre-approval it’s time to get your documents in order. In most cases, you will need:
- 2 months of paystubs
- 2 years of W-2s (unless self-employed)
- 2 years of federal tax return
- 2 months of most recent asset statements (like checking, savings, stocks & retirement)
These documents will help us to better understand your financial situation. It is at this point we will also need to pull a “soft” credit report, which has no impact on your score. Remember, we will always ask your permission before we pull your credit.
Time for a pre-approval meeting
Now that your documents are in and we a better handle on your financial situation it is time to schedule a pre-approval meeting. During this 30 – 45 minute conversation we will together complete the application, review your qualifications and affordability and answer any questions you may have. It is our goal to have you leave the meeting very well educated on your options moving forward.
Ready for the next step? Give us a call today!