Planning to buy a home?
Introduction
Step #1 = PREQUALIFY
Mortgage prequalification helps to define how much you can afford. We'll help you establish a realistic purchase amount, then provide you with a qualifying letter to let sellers and realtors know you're a serious buyer.
When you receive your prequalification letter, it's good for 60 days. If you're still house hunting after that, you'll need to schedule another appointment and request a new prequalification.
Ready to prequalify? Visit your local branch or call our Contact Center at 800.242.2120.
What do I need?
Prequalifying is as simple as gathering your Proof of Income and Proof of Assets.
Proof of Income
Traditional employment income:
• Two years W2s
• 30 days paystubs
Self-employment or rental property income:
• Two years signed tax returns
Retirement income:
• Two years 1099s
Proof of Assets
Two months of financial statements showing:
• Ability to pay:
— Closing costs
— Down payment
• Reserves, including two months of mortgage payments:
— Principal
— Interest
— Escrow
Additional Information
A mortgage prequalification is not a loan agreement and is not a commitment to lend; it is an estimate of how much you can afford based on your provided information. All applicants are subject to verification of income, assets, and creditworthiness. Proof of income must be current – most recent two-year history and/or 30 days of paystubs. Proof of assets require two-month financial statement history.
Mortgages Articles
-
Making Sense of Mortgages
Making Sense of Mortgages Closing costs, PMI, ARM, escrow…figuring out what makes up your mortgage can be complicated. With so many factors to consider, how do you make sense of it all? Well, you can start by breaking down some of the most common terms and considerations you'll…
-
Yes, You Should Probably Get a Home Inspection
Yes, You Should Probably Get a Home Inspection Look at that – I answered your Google search right up front. And I mean it: a home inspection is a valuable part of the home buying process, even if it's not always a requirement to get a mortgage. Here's why. If these walls could…
-
Mortgages and Your Credit
When it comes to mortgages and your credit, there are a few main considerations. How Does My Credit Score Affect My Mortgage? It's no surprise that your credit score matters when buying a home and applying for a mortgage. The rule of thumb is if you have a higher credit score,…