Here are a few things to check if you are looking for lenders to find you mortgage preapproval ready, according to an article published by NerdWallet.
A preapproval is going to take some effort, and part of that comes in the form of providing copies of document after document. Here are some that lenders typically request:
- Proof of a minimum two-year employment history in the same job or field.
- A credit score of 620 or higher (in most cases) - the lender might run the credit report for you for a fee.
- Demonstrated savings record.
- Financial asset records.
- Proof of down payment (3% to 20% of the home price, depending on the loan program).
- An “all-in” debt-to-income ratio of 43% or less.