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Originally Posted by JennRN
Yes, why does pre-approval not matter?? My husband and I are moving to WV from TX and we're going to buy a house. I am house hunting with a realtor next week, and was super stressed out that we haven't bothered to get pre-approved yet (my husband is commuting every week and is gone Mon-Fri). Do we NEED to? Or can we look seriously without it?
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I have purchased 7 houses (I've always been single) and never was pre-approved. I didn't always go through the lending institution that I worked for. I only went to a familiar face when I needed to do some creative financing
Quote:
Originally Posted by JennRN
Also, what all documents do I need to get pre-approved?
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Depends on if they are doing a full pre-approval or a pre-qual. Sometimes lenders vary. At minimum, you will need 2 years W2s, 3 months bank statements, last paychecks. If you own a business, you will need 2 years Tax Returns with all schedules. If someone is contributing to your down payment or closing costs, bring a Gift Letter. If you are selling a house, bring a copy of the listing. If you recently sold a house, bring the HUD-1 from the sale. If you are having your closing costs paid by an employer, have the HR department list what they will cover.
Quote:
Originally Posted by JennRN
Also! I was thinking that we should get a pre-approval/interest rate quote from our bank, and then another from a mortgage broker( for comparison sake). But, I assume they'll run our credit each time-and won't that hurt my score? It's really good right now, and I don't want to mess it up.
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Interest Rate quote? Not sure what you mean. Until you have a sales contract in your hand, lenders can't lock in your interest rate. Running a credit report
WILL, I repeat WILL hurt your credit score. Every time a lender does an inquiry, your score will drop. How much depends on what your original score is.