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Michigan Home Loan  Information

Benefits of Mortgage Pre-Approval

Reviewing Mortgage ApplicationThe mortgage industry has changed quite a bit since it's collapse in the early 2000's. So whether you're a first-time home buyer or an experienced buyer, it's best to get pre-approved for a mortgage before you start viewing homes.

In fact, most experienced Realtors® make sure you qualify and can buy before showing you homes. They'll want to verify the type of loan you're getting, the downpayment if you need to sell your current home and much more. An adequately represented seller most times will tell their agent they will not accept an offer without a pre-approval.

So why not get Pre-Approved? It's typically done free of charge, and the lender can give you valuable information regarding the mortgage process, including down payment requirements, closing costs and payment information. An experienced mortgage banker can guide you through the process and answer any questions you have regarding your finance options.

We highly recommend reading through the list of items below typically required for a pre-approval. If your lender did not request these items, they are giving a pre-qualification, which is not the same.

Information Needed When Applying:

  1. Pay stubs for the most recent Full month.
  2. W-2 Forms for the two most recent years.
  3. Last two years of federal tax returns
  4. If self-employed, two years individual and corporate tax returns and year-to-date profit and loss (P&L) sheet.
  5. Company ownership 25% or greater: Two years personal and corporate P&L sheet.
  6. Two months current bank statements (checking, savings, money markets, mutual funds, 401K’s stocks, bonds, etc.).
  7. Loan information on any real estate owned.
  8. Address of current landlord (if applicable).
  9. Court decrees regarding bankruptcy, divorce, child support orders, and judgment satisfactions.
  10. Rental properties: Federal Schedule E from the most current tax return and current leases.
  11. Social Security awards letter, disability papers, or retirement awards letter (if applicable).
  12. Signed purchase agreement (if applicable).
  13. A copy of driver’s license.
  14. A copy of social security card.
  15. We suggest not making large purchases just before or during the buying process.
  16. Keep in mind tax returns can be verified with the IRS, so make sure you have supplied tax forms you filed.
  17. All funds being used to purchase must be verified via bank statements and show proof of how you received.
  18. All large deposits are confirmed as to how they were received.

Need Further Information?

Read about the various types of mortgage programs or use our mortgage loan calculator to help determine your monthly payment. Still, have questions?


Rooms consultants are available to answer your questions, discuss your options, and help navigate you through the process.

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8152 25 Mile Road, Unit G Shelby Twp., MI, 48095