8/8/16 3 min. read
Many lenders have tightened loan guidelines due to ever changing government requirements and restrictions on banks. Therefore, it is important to know what a home buyer needs to bring to a lender for a potential home loan preapproval.
Below we look at the top four items a home buyer needs to bring to the table to get pre-approved:
3. Solid Reserves/Savings
Most lenders will be looking at how much money you have in the form of savings accounts or other assets. This helps reduce the risk to the lender in writing you a preapproval. The lender will verify this by asking for bank statements with a bank employee stamping the document.
4. Solid credit score(s)
While there are some options for those with less than stellar credit scores, this is becoming far and few. Lenders are becoming more and more picky about a home buyer having at least average or higher credit scores. It is wise to have your credit report(s) pulled before you apply for a mortgage to give you an idea of how your credit history and score(s) are.
Whether you are looking to purchase a home now or in the near future, it pays to speak with a reputable mortgage professional to learn more about the other requirements necessary to get your next home the right way.
-Jason Gelios REALTOR
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the book Think like a REALTOR®, Creator of The AskJasonGelios Real Estate Show and an Expert Media contributor.