Get Final Loan Approval

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01/06/2009 16:30:48 PM

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The first step is to find the best San Diego mortgage for your needs. One great way to do this is to simply use the pre-qualified form to tell us the type of loan you want and let multiple San Diego lenders compete to offer you the lowest mortgage rate.

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Education Center

Perhaps you were pre-approved prior to or during your home-hunting activities. Pre-approval can take place in the absence of having identified a home to purchase.

When you enter into a contract to purchase your home, you begin the process of obtaining final loan approval. To convert your pre-approval to final loan approval, the main items the lender needs include the appraisal, purchase contract and title information. Your real estate agent, loan agent and attorney (where applicable) will be instrumental in providing these documents to the lender.

If you were pre-approved, you probably gave many of these documents (below) to your lender. Review the list to make sure the lender has current documents. If you're just beginning the approval process and the lender will be verifying your income, assets and liabilities, you'll need to gather these documents:
A. All Borrowers:

Copy of purchase contract
Copy of sales contract on real estate you are selling
Divorce or separation documents
Bankruptcy files
Relocation agreement
Copy of most recent Social Security check
Award letter and copy of most recent checks for disability, retirement, or legal settlement
Recent statements for all credit card accounts
Bank and financial brokerage account statements for the previous three months
IRA, Keogh and 401(k) statements for the previous three months
Title documents for automobiles under five years old

B. Employed Borrowers:

(Documents in section A.)
Pay stubs for the previous 30 days
W-2s for the previous two years
1099s for the previous two years

C. Self-Employed Borrowers:

(Documents in section A.)
Federal tax returns for the previous two years
Year-To-Date Profit-and-Loss statement for your business