Pre-Approval: What you need to know

Are you excited to take that next step and begin searching for your next home? Here at MidState Mortgage, we are thrilled to assist you in helping make your dream home a reality! We all know there’s a pre-approval process, but knowing how long that process takes and what documentation to provide can be tricky. Don’t worry — we’re here and happy to help! 

On average, the best time to begin the pre-approval process is about one month before you start house hunting. At Midstate, we’re able to complete this process in minutes in our office. Normally, closing takes around one month to complete.

Pre-approval allows you to know exactly what you can get in terms of your home price! Here’s a list of documents you’ll need to begin the pre-approval process:

• Pay stubs for each applicant — Be sure that they reflect a minimum of 30 days of income.

• Names and addresses from your employers over the last 2 years.

• W-2s from the last two years. 

• Your tax returns from the last 2 years.

• Bank statements that span over 2-3 months.

• If self-employed, please provide a profit and loss statement, plus signed returns for the last two years. You may also need proof of pension, if applicable. 

• Social security, disability, child support, or alimony payments, if applicable. 

• Dividend earnings, bonuses, and security accounts such as stocks, bonds, and life insurance.

• A completed and signed 4506-T or 4506-EZ form, provided by your mortgage banker.

Ready to chat about beginning the pre-approval process? Don’t hesitate to reach out via email to our team. 

We’re here to make getting a mortgage easy!