How to Prequalify For a Home loan Information

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By hazelknows
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Home Loan

Home loans and real estate are a hot topics right now and many people are looking for real estate bargains because of all the house foreclosures, but before you set your sights on the house of your dreams it is best to fill out a prequalification home loan application. To do this you will have to provide personal and financial information to the morgage loan company so you know how much of a home loan you are eligible for.

Difficulty: Moderately Easy

Instructions

Step 1

When you fill out a home loan prequalification form if you are renting a house at the present you will need the name and address of your landlords from the past two years,
Step 2

If you are divorced you will need your divorce decree and all separation agreements, when you do a home loan prequalification
Step 3

Employment verification is also needed when applying to prequalify for a home loan . You will need the name and address of employers from the last two years with W2 and 1099 forms. You will also need copies of your most recent pay stubs for the last thirty days. If you are self employed you will need the last two years tax returns with year to date and profit and loss statements. Remember to have all this information on hand before you make an appointment to fill out a home loan prequalification.
Step 4

You will need all of your financial information such as any 401k, or stocks. You will also need all account numbers and the addresses of all your assets and liabilities. You will also need money to pay for a copy of your credit report when applying for home loan prequalification. ( anywhere from $25.00 to $100.oo depending on the lender) Hopefully once you have found out how much of a home loan you may qualify for you can then set out to buy the home of your dreams.