ASRE Explains: Mortgage Pre-approval
Getting pre-approved through a mortgage lender is an essential first step in the home buying process. Having a pre-approval letter will let sellers know that you are a serious buyer and can aid significantly in your favor if you are in a situation where you are competing with another buyer on a home. Getting pre-approved will also give you the best information about the price point for your budget. Feel free to use our Mortgage Calculator to determine your estimated payments.
The process of getting pre-approved is a very easy and painless process, however it is usually the most anxiety provoking portion of the process. To take the anxiety out of this portion of the home buying process, below is a list of what your lender will require from you to get you a pre-approval letter.
- W-2 forms - or business tax return forms if you're self-employed - for the last two years for every person signing the loan.
- Copies of at least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Copies of three months of bank or credit union statements for both checking and savings accounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
- Addresses where you've lived for the two years, with names of landlords if appropriate.
- Copies of your most recent 401(k) or other retirement account statement.
- Documentation to verify additional income, such as child support or a pension
- All bankruptcy and discharge of bankruptcy papers (if applicable)
As top REALTORS® in Sioux Falls, The Amy Stockberger Team has helped thousands of home buyers find the home of their dreams that matches their budget. Our services are completely FREE to the buyer for all homes listed on the Multiple Listing Service. And, not only are we equipped with over 43 years of combined experience, the synergy of having such a large team gives us the knowledge of fabulous homes that are for sale that aren’t even on the market yet.
Why You Should Work With Us
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I recently purchased a home with the help of Amy Stockberger real estate and I couldn't be happier with the experience. From our first meeting, Amy demonstrated exceptional professionalism, deep market knowledge, and a genuine commitment to finding the perfect home for me. They guided me through every step of the process, answered all my questions promptly, and made sure I was informed and comfortable throughout. Their attention to detail and negotiation skills were impressive, leading to a smoo... Read More -
When we decided to sell our home, we consulted three realtors and chose Amy Stockberger because she valued our home much higher than the other two realtors and showed us a well-designed marketing plan. We are so glad we chose her! In less than 6 weeks, she sold our house for the full amount she estimated we could get, and she made every step of the process incredibly easy. She’s enthusiastic, quick to respond, and amazingly resourceful. This is a woman who loves making things happen! We recomm... Read More
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Doug was a great agent, and there are so many great benefits of working with Amy Stockberger Real Estate. Doug was incredibly responsive and timely, and we likely wouldn't have been able to purchase the home we did if he hadn't gotten our offer in so quickly! Along with that, this company offers free moving trucks, furniture dollies, and tools to help facilitate the moving and renovation processes. Doug even gave us a gift card to our favorite restaurant at closing! Cannot recommend Doug or this... Read More
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The Amy Stockberger team deserves nothing less than 5-stars! I bought my house roughly 4 years ago with Kenzie Hanssen as my realtor. She was personable, full of knowledge and had so many connections to help me find my home. The experience was so smooth and easy to navigate which I did not anticipate as a first time home buyer. I was pleasantly surprised to find out about their VIP Benefit Program which I've used many times. The team is always so friendly to work with and thinking of innovative ... Read More
