Pre-qualification vs. pre-approval
A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval involves verified documents and a credit check, so it carries more weight with sellers. When you're ready to make offers, you want a pre-approval.
What lenders typically ask for
- Two years of W-2s or tax returns.
- Recent pay stubs.
- Two months of bank and asset statements.
- Photo ID and permission to pull credit.
- Documentation for gifts, if part of your down payment comes from family.
Have a question about your move?
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Protect your approval until closing
Avoid opening new credit, making large purchases or changing jobs before closing without talking to your lender. Large unexplained deposits can also cause delays.
Compare more than the rate
Lenders differ on fees, responsiveness and closing timelines. A local lender who closes on time can strengthen your offer. Ingrid can share names of lenders clients have worked with; you're always free to choose your own. First-time buyer? See Illinois programs.