Shopping for your next home? Let Valley Mortgage provide you with a Pre-approval document. This way you can make offers on homes based on how large a mortgage you will be able to qualify for based on your financially situation.
Pre-qualification vs Pre-approval
There is a significant difference between a Pre-qualification letter and a Pre-approval letter. Most lending institutions only ask a few basic questions and send you a Pre-qualification letter that may - or may NOT – accurately reflect your true mortgage borrowing limit. There is nothing worse than a couple making an offer on a home, only to find that they aren’t able to actually qualify for a loan of that amount. Pretty disappointing!
At Valley Mortgage, we ask that you provide us with details, so we can provide you with an accurate Pre-Approval letter. You’ll definitely feel more confident having a Pre-Approval letter when you and your Realtor® are looking at homes. This is a list of items we may ask you to provide:
- Your recent paystubs (covering the last 30 days)
- Your employment history for the last 2 years
- Your recent (2 years) personal and business tax returns (if applicable) & W-2’s
- Your bank statements for the last 30 days (all pages) for all deposit accounts (checking and savings)
- Your current statements for investments accounts (all pages) (401K’s, retirement, stocks, bonds, etc.)
- A copy of current driver’s license(s).
- Bankruptcy discharge, if applicable
- Divorce decree or child support orders
With a Valley Mortgage Pre-Approval letter, your Realtor® will feel confident the homes you’re being shown will fit your budget. Call 701-461-8450 today to get started. Of course, there is no-cost or obligation.