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
-
Amy did an amazing job helping us find our home! We were moving from out of state and had one weekend to look at houses. She showed us an abundance of different options and helped us learn SO much about the Sioux Falls area! So knowledgeable, so kind! Her team made us feel like we had so much support through each step. This was such a positive experience and we love our house! -
This is how real estate should be done! A group that really listens to your needs and doesn't try to sell you everything you don't want just to make a sale! Integrity is top notch. Jason Whiting will help you through every step of the process. There are lots of useful perks when you become a customer. Service doesn't end at the sale, it's just the beginning.
-
Absolutely recommend Amy and her team. We had extenuating circumstances of needing our house sold but our new house being built wouldn’t be ready for 6-7 months and we did not want to move twice. Amy was our realtor and sold our house before it hit the market for full asking price to a couple who wasn’t ready to move until 6 months down the road! It was the perfect scenario. Bonus - the lifetime VIP service gets our family continual perks we use multiple times a year.
-
During my journey as a first-time home buyer in a challenging housing market here in Sioux Falls, I had the privilege of working with Logan. His knowledge and guidance made the entire process much smoother and enjoyable. He was always just a phone call away, promptly answering my questions and providing clarity. He took the time to explain every step of the process, ensuring that I understood each aspect before moving forward. His patience and expertise were invaluable, especially as a first-tim... Read More
-
Amy and her team were awesome at finding what our family needed in our price range, then above and beyond recommending quality people to handle projects we needed done. Their VIP treatment with their Lifetime Home Support is an ongoing bonus. I highly recommend the Stockberger Team!!
