Hi, I was looking for a home mortgage. There are several things to be noted while choosing a mortgage. Now, I would like to know more about the pre-approval process. As always, I had a search on the internet and came to know the following are needed for a pre-approval: Proof of Income Proof of Assets Good Credit Employment Verification Documentation I am confused about this documentation! Other... [more]
Hi,
I was looking for a home mortgage. There are several things to be noted while choosing a mortgage. Now, I would like to know more about the pre-approval process. As always, I had a search on the internet and came to know the following are needed for a pre-approval:
Proof of Income
Proof of Assets
Good Credit
Employment Verification
Documentation
I am confused about this documentation! Other than the four documents mentioned, what other records will be demanded by the lenders/brokers for an approval? I have seen a list given by a professional doing mortgage pre-approval process in Canada ( http://www.mortgagesmortgages.ca/mortgage-types/pre-approval/ ). I doubt if the list is same for all professionals. Or do we have to keep anything else while consulting a broker?
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Response by streetsmart
almost 8 years ago
Posts: 883
Member since: Apr 2009
There are many lenders who will pre approve you without requesting proof of assets, income, etc.
I as a mortgage broker pre qualify applicants, I also have a lender whose pre approval is similar to a commitment letter which means when you go to contract your commitment will be issued immediately and the loan process is much shorter.
If you haven't applied for your loan as yet feel free to contact me.
Ellen Silverman
E. S. Funding Co. Since 1990
esfundingco@aol.com
NMLS#60631
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Response by 30yrs_RE_20_in_REO
almost 8 years ago
Posts: 9877
Member since: Mar 2009
"There are many lenders who will pre approve you without requesting proof of assets, income, etc. "
This is why, from a seller's point of view, a lot of supposed pre-approvals don't mean much.
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There are many lenders who will pre approve you without requesting proof of assets, income, etc.
I as a mortgage broker pre qualify applicants, I also have a lender whose pre approval is similar to a commitment letter which means when you go to contract your commitment will be issued immediately and the loan process is much shorter.
If you haven't applied for your loan as yet feel free to contact me.
Ellen Silverman
E. S. Funding Co. Since 1990
esfundingco@aol.com
NMLS#60631
"There are many lenders who will pre approve you without requesting proof of assets, income, etc. "
This is why, from a seller's point of view, a lot of supposed pre-approvals don't mean much.