Much like your agent, you want to interview several lenders to see learn who feels right. Factors include, communication style, vibe and how well they know the market. You will be sharing your most intimate financial details so choose someone who makes you feel comfortable. And feeling your questions are answered clearly and without judgement is not negotiable.

The very first step to take is to get pre-qualified for a home loan.  A lender can usually pre-qualify you for a mortgage within a day or two once you provide them the necessary documents. From there, you will know what sort of price range you are in and what sort of monthly payments you can afford.   

Being full under-written for a mortgage may afford you more leverage in negotiating the purchase of a home. It is a more thorough process of pre-qualification and says to a seller that you have done your homework before you made an offer.  It requires completing a formal application to the lender, and submission of all the necessary financial and employment documentation. This information will then be thoroughly evaluated and verified by the lender’s underwriters. With final approval, you will be cleared for a loan of a determined amount based in your financial file.

Although these may vary from lender to lender or depending on your particular file, below is a good outline of what to expect. 

• Two years W2’s and one month of pay stubs (if  you are salaried)

• Two years tax returns and a Year-To-Date Profit and Loss Statement (if you are self-employed)

• Three months of bank statements for each bank, mutual fund, and/or investment account

• A current statement from your stock, retirement, and/or 401K statement  

• A copy of your divorce decree if applicable.

• If you are not a citizen, provide a copy of the front and back of your green card