
Pre-Approval Checklist
In a fast-paced and competitive housing market, assembling the following documents will provide a head start on getting pre-approval for a home mortgage loan.
A mortgage advisor will access the client’s credit report for the FICO score, to determine outstanding liabilities, and to learn the amount of revolving debt as reported on the credit profile. Lenders will also ask about the origin of the down payment. If the down payment is a gift from a relative, in addition to a copy of the gift check, the client will be required to provide a copy of the gift letter stating that the money will not have to be repaid.