So you’ve picked a REALTOR® to represent and advise you on this important transaction. Now the next step is to get pre-approved for a mortgage. As an agent we won’t submit an offer on a home unless the client has been pre-approved. Getting pre-approved also helps you understand how much you can comfortably afford to spend on a home. Everything from what your monthly payments would be, what interest rate you qualify for, and how much you’ll be paying in taxes each month, etc.
Having the right mortgage lender is an important part in ensuring a smooth transaction. On the other side if you work with a bad mortgage lender not only will they jeopardize the deal, they might not even be able to close it at all. Not to mention the stress caused all around to all parties involved. Do you know if you got the best rate? You might regret not shopping your interest rate around when you end up finding out you are paying more than you should. Don’t miss out on the home of your dreams because your lender can’t get the job done in a timely manner. That’s why it’s important to work with reputable closers.
Below you will find a list of a few ROCstars we know.
Erica Garcia – (773) 710-1665
BayEquity Home Loans
Salvador Rodriguez – (773) 886-3400
BayEquity Home Loans
Rodrigo Salazar – (708) 310‑1558
Compass Mortgage
Jesse Oliveros – (773) 793-7111
U.S. Bank
Paperwork You’ll Need for the LenderEach lender has slightly different requirements depending on what documentation they need from you for the pre-approval process, but in general, expect to provide the following items:
- Pay stubs for the last 30 days
- The two most recent months (or a quarterly statement) of any asset information listed on the application. Generally: checking, savings, 401k, mutual funds, individual stock accounts, IRA’s, etc.
- Last two year’s of W2
- Last two year’s US Tax Returns
- Last two year’s Corporate Tax Returns (if self-employed)
In case you aren’t working with one of my ROCstar loan officers who would always make sure to mention this, make sure you ask about FREE MONEY. Free money doesn’t literally mean a deposit of $$ into your bank account, no it means that there are grants that banking institutions, the state, and the government will give you, YES literally give you to put down towards down payment or closing cost of your new home. So make sure to ask!
Questions about the pre-approval process? Just call us at 708-860-0346 or email us at sammy(at)sellchicago(dot)net.
