Home Buying in Suffern>Question Details

Elena, Real Estate Pro in Putnam County, NY

how long does it take to get a mortgage prequalification approval?

Asked by Elena, Putnam County, NY Fri Feb 24, 2012

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Documents Needed For All Loan Applications
Copies of W-2's for the last two years;
Copies of paycheck stubs for the last 30 days (most current);
Copies of checking and saving account statements for last three months (all pages);
Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing, etc.;
Copy of sales contract when ratified;
Employment history for the last two years (address any gaps of employment);
Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company. Rental property copies of leases plus mortgage information.
Canceled earnest money check when it clears or corresponding bank statement, if applicable;
Commissioned or bonused income -- if 25% or more of base, must have tax returns;
Check for the expense of appraisal & credit report;
Refinance Copy of Note, Deed of Trust, Settlement Statement, Survey, and Insurance information;
Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;
If paid off mortgage in the last 2 years, need copies of HUD1;
Copy of drivers license for applicant and co-applicant.
Copies of most recent 2 years tax returns (with all schedules including k-I's if applicable);
Copy of current profit & loss statement and balance sheet;
Copy of corporate/partnership tax returns for most recent 2 year period if owning 25% or more of company -- copies of W-2's and/or 1099 forms.
Relocation Agreement if move is financed by employer, i.e. buyout agreement plus documentation outlining company paid closing costs benefits;
Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedules;
Divorce Decree if applicable;
Documentation supporting moneys received from social security/retirement trust income, i.e. copies of direct deposit bank statements, awards letter, evidence income will continue.
FHA: Copy of social security card and drivers license for each applicant and co-applicants;
VA: Original Certificate of Eligibility and copy of DD214 Discharge Paper;
VA: Name and address of nearest living relative

Documents Needed for a Mortgage Loan Approval in Kentucky-
1 vote Thank Flag Link Mon May 20, 2013
I estimate that 30% of the “prequalified Buyers” in my market are not qualified to close a mortgage from a traditional lender. There is prequalified and then there is prequalified. If the loan officer didn’t do anything but pull your credit and ask questions about your income, then you are not prequalified. Have your Realtor introduce you to the loan officer they trust the most. Gather all of the support documents that will be needed to apply for a loan and meet with the LO face-to-face, have them walk you through the process and options available. About half of the deals I had fall apart last year was because a buyer up line was turned down once they provided the lender their support documents. Good luck, hope this keeps you from losing money and time.
1 vote Thank Flag Link Fri Mar 16, 2012
That depends on you and the complexity of your loan scenario. Let me explain…

So if you are a W2 employee with stable work history and good credit we usually get them done within 24 hours and in most cases a few hours. If you are self-employed/1099, have multiple streams of income, have credit issues, etc.; it can take a few days because I may need to get an underwriter to review your file and reaffirm my determination.

Minimum needed to Pre-Approve a client:

 Completed and signed loan application/Credit report
 2011/2010 W2’s
 Last 30 days of pay stubs
 If self-employed/1099 or commissioned employee your last 2 years full tax returns (1040s) & 2 years business tax returns
 Last 2 months of bank statements, all pages
 If down payment is coming from somewhere other than checking or savings, like 401k, stocks, bonds, etc., then we need most recent statement

Please take a minute to read this as well: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…
1 vote Thank Flag Link Fri Feb 24, 2012
It usually takes about 1 day to get preapproved and 30 days to close
0 votes Thank Flag Link Mon May 27, 2013
Thx. Ur explaination is easy to understand
Flag Thu Sep 11, 2014
Hi Elena,

We have a Weichert Financial mortgage broker in our office who will provide a pre-approval in a few hours. He needs certain documentation, and sometimes he will do this on the phone, but it does not take that long to obtain a mortgage pre-approval.

Please feel free to call me if you would like further assistance.

Ellen Kippel
Weichert Realtors
Suffern, NY
Multi-million dollar producer
0 votes Thank Flag Link Mon May 27, 2013
Pre-quals are rather quick and when it comes to seeking a loan where you are currently doing your banking business can usually be done in a couple of hours.
0 votes Thank Flag Link Mon May 20, 2013
Hello, It does not take very long for a pre-approval(Social Security#, employment status & salary,etc) in order for the Mortgage Broker to run your credit worthiness. Basically, after that you will need to bring all your information(Tax Returns & other Vital information) and sign paperwork to get an actuall commitment from a Bank for a Loan. Need any help with some names or referrals let me know as I am a Buyers Agent(ABR) and know many Mortgage Brokers that are very capable. Best of Luck!

Allan Erps, ABR,SFR,C.O.R.E.
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-624-8100 X141

Cell Phone/Text 845-304-3040

Fax# 845-624-7137
My Email: allan.erps@randrealty.com
For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
or find me on Trulia at;
0 votes Thank Flag Link Thu Mar 15, 2012
If I had the papers that Elliott mentions then it takes around 1 hour. First I run a credit report and any derogatories I call you about them. I fill out the 1003 (mortgage application) with you. Then I put it through desktop underwriting (that is what all the underwriters go over). If you meet the UW contingencies, then I give you a preapproval.
This can be done in person or by computer (& phone).
0 votes Thank Flag Link Fri Feb 24, 2012
You need a local Mortgage Broker...should not take long once you get connected with one http://www.trulia.com/voices/directory/Suffern-mortgage_brok…
0 votes Thank Flag Link Fri Feb 24, 2012
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