Now all we need to do is find a property for you! Once we have found your property and we have an accepted offer, the bank will order an appraisal and review the preliminary title report. If the appraisal and preliminary title report are acceptable to the lender you will get the loan.

What do you need to give the lender in order to be pre-approved for a loan? First, you need to fill out a loan application. The loan application will ask questions about your income, job history (two years or more in the same line of work is important), assets and liabilities, the source of your down payment, etc. Along with the loan application some of the items you will need to supply are two years of W2s (two years of tax returns if you are self-employed), and proof of down payment through bank statements, CDs, estimated proceeds from the sale of your house, stock statements, etc. The lender will also need to order a credit report on all borrowers and verify your employment with your employer. Once all this is done, a completed package will be sent to the underwriter for approval. The underwriter will review the package and if everything checks out you will get loan approval subject to the property passing the appraisal and preliminary title report.