The Mortgage Pre-Approval Process

OK - you want to buy a house and you need to take out a mortgage.  What next?

First of all, find a good, local mortgage specialist who can give you some different options - your real estate professional can give you some recommendations.  You may have choices on length of term, principal and interest, interest only - there are a number of different options/combinations.
This is some of the paperwork you will need to provide for your mortgage pre-approval (which means the lender will check your credit unlike a pre-qualification which, frankly, is pretty worthless and which means that the lender has not checked your credit.)  The list is by no means exhaustive:
Pay stubs, tax returns (probably going back 2-3 years), 1099's for the self-employed, evidence of any additional income, proof of funds for the down payment, HUD closing statements for any other property purchased within the last 2-3 years, executed lease(s) if applicable on other property, proof of property tax and insurance payments, information on any legal proceedings in process etc.
You may be able to get a written pre-approval, subject to providing the paperwork, as above.  If so, you are ready to make your offer!  

The opinions expressed herein are the writer's alone, and do not reflect the opinions of or anyone who works for is not responsible for the accuracy of any of the information supplied by the writer.

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