I think we can all agree at this point that sound-financial advice, particularly when it comes to Miami mortgage
financing, is not around every corner. If we haven’t learned that from recent history, then we are in worse shape than any economist could predict. Even though many “lenders” are still offering quick ten-minute pre-qualifications over the phone or web, a true Miami Home Loan approval that holds any weight is one that has been completed by a professional who has had an opportunity to review all of the necessary documents… maybe even seen by an underwriter.
With an ongoing current of new financing guidelines, volatile mortgage rates and tightening regulation from D.C., very few Miami real estate agents will show Miami homes for sale to a home buyer without at least a pre-qualification letter.
A Pre-Approval Letter will help you in three ways:
- It lets you know how much mortgage you can qualify for
- It gives you an idea regarding what your total housing payment would be
- Submitting a strong “Pre-Approval” letter with a Miami home purchase offer will give the home owner a sense of peace about your ability to bring the contract to a successful conclusion
NOTE: It’s a good idea to get your documents gathered ahead of time so that the pre-approval process is as thorough and complete as possible the first time around. You have no idea how much time and hassle this small tip can save you.
In order to get a pre-approval, you’ll start by submitting a loan application and a few documents for the loan officer and / or underwriter to review.
Common Miami Loan Pre-Approval Documents:
Income / Assets for Wage Earner:
- Last 2 year W2s and Tax Returns
- 2 most recent Pay Stubs
- 2 most recent Bank Statements, 401(K), Liquid Assets, Investment Accounts
Income / Assets for Self-Employed:
- Last 2 year Tax Returns – Business and Personal
- Last Quarter P&L Statement
Letter of Explanation For:
- Employment Gap or New Line of Work
- Late Payments / Judgments / Bankruptcy on Credit Report
Other:
- Bankruptcy Discharge
- Child Support Documentation
- Lease Agreements (If own other Rental Properties)
- Mortgage Payment Coupons (If own other Real Estate)
…..
Most borrowers also want an opportunity to learn more about the loan officer before digging up all of these personal documents. Spend 15 minutes on the phone asking the loan officer to explain how Miami mortgage rates work, quizzing them on some basic industry vocab or just to see if they know what to prepare your Miami Real Estate Agent for ahead of time. The Q&A session can be more than just a lender qualifying you, as long as you’re prepared to ask the right questions.
Either way, you’ll definitely want to have the above list of approval documents ready once you’ve decided on the right loan officer that you trust will meet your expectations.
