|By PR Newswire||
|February 14, 2014 12:00 AM EST||
SAN DIEGO, Feb. 14, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The Loan Love website has no shortage of guide videos and how-to articles that can help first time loan borrowers ease into any mortgage situation, such as their new home loan pre approval process 2014 article guideline. In this article, Loan Love helps loan borrowers understand the home loan pre approval process and why obtaining pre approval will help their cause when trying to attain the desired home.
The article sums up what requirements are needed for home pre approval with the following: "Unlike pre-qualifying, which simply relies on your best estimates about your financial situation, the more involved process of preapproval requires you to provide the prospective lender with documents that will be used to verify your financial and employment situation. These documents are required of both you and your co-borrower, if applicable. Ensuring you have these documents available at the start can help to speed up the preapproval process."
When applying for pre approval, loan borrowers should be aware of the required documents including:
• State and federal tax returns within the past two years
• Banking statements for checking and savings over a period of three months
• W2s of a borrower's previous two years of employment
• Any statements or paperwork within the course of two months related to other assets such as retirement accounts, stocks or bonds.
• Pay stubs from at least three months prior.
• If applicable, any divorce decrees.
Moreover, loan borrowers should note that while the above list will give a general idea of what documents to bring, other documents may be required when applying for the home pre approval process. For instance, self-employed borrowers in addition to the above list will need to bring business tax forms over the past two years, year-to-date profit and loss statements and a year-to-date balance sheet in place of wage statements. It is also recommended that loan borrowers review their credit reports thoroughly and correct and errors found. The Loan Love article expands on this further:
"During the preapproval process, the loan officer will pull a copy of your credit report to look for any red flags, such as late payments, charge offs and reckless use of credit. A surprising number of people have errors on their credit report, however, so it pays to get a copy of your credit report (and that of your co-borrower, if applicable) and ensure all the information is accurate before speaking with a lender. Each of the three big credit bureaus—TransUnion, Experian and Equifax—have information available on their websites explaining how to correct a mistake or dispute information in a report generated by them. You can request one free copy of your credit report each year without incurring a cost. The official site for doing so is annualcreditreport.com."
To learn more on the home pre approval process and for general tips on home buying for the first time, please visit LoanLove.com for the complete article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]
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