Wisconsin Mortgage Pre-Approval

If you are a first time home buyer you may think that the process of buying a home can be long and stressful. In some cases this can be true; however one way you can eliminate a large amount of stress is to be pre-approved by a lender. Whether you are looking for a condo in Milwaukee or a summer home on Lake Geneva, having a pre-approval from a lender will be extremely beneficial.

When you approach a lender to be pre-approved you will need to provide them with certain documents, such as:

• Last two years W2s
• Consecutive paystubs for a 30-day period
• Two consecutive bank statements to show sufficient funds for closing
• Authorization to run your credit

After reviewing these documents and doing a credit check they will be able to determine the terms of a loan you will qualify for based on Fannie Mae, Freddie Mac, FHA, VA, or Jumbo guidelines. They will also ensure your application meets the lender’s specific requirements, such as…

• Minimum 620 credit score
• Loan amount $60,000 or above
• Funds for a 3-5% down payment

Once you have your mortgage pre-approval letter you can make an offer on a house with confidence! Being pre-approved shows a seller that you are serious. If two people were the make the same offer on a house, the person who is pre-approved will have an edge over the other. It will also save you time because your offer won’t be contingent upon your loan being approved.

The housing market is picking up steam and becoming more competitive. If you want to put yourself ahead of other home buyers it is important to be pre-approved. If you are looking for a home in either rural or urban Wisconsin, contact United Home Loans below or at 708-531-8388.