The Quinlan Group

Coldwell Banker Hickok & Boardman

Michaela Quinlan | Jennifer Butler | Adam Carron | Victoria Rose

346 Shelburne Road, Burlington, VT 05401

QuinlanVT.com | MQuinlan@hickokandboardman.com | 802-881-1170

Pre Qualification 101

Getting Pre Qualified is the first step in the homebuying purchase.
There should never be any cost or commitment to get Pre-Qualified.
Your loan officer will review the mortgage programs that are available and educate you on the closing costs and monthly payments.
You can work backwards and request the loan officer find a purchase price based on what you want your monthly mortgage payment to look like.
Banks and Mortgage brokers may have access to a different portfolio of programs, shopping around is encouraged!
The loan officer will need to run your credit eventually for an official pre qualification. You can provide your credit score initially or ask them to hold off on running a hard pull on credit until you are ready to start making offers, then have them do a “hard pull.”

When going through the home buying process it’s important not to make any major financial changes.
If any financial changes occur, let your lender know so they can revise your pre qualification, i.e. change in job/pay, inheritance, paying off a loan, closing a credit card.
It’s also a good idea to NOT open up any new liabilities. This could potentially impact your ability to be approved for the loan.
When you identify a property of interest we will request your loan officer “run the numbers.” They will provide estimated monthly payments and cash to close based on price and current interest rates.

W2 employees: Most recent pay stub, 2 years of your most recent w2’s, & most recent filed tax returns.

Self Employed: Lenders will require you to have a consistent two year history of tax returns showing Self-Employed income.

Once under contract: Two months of bank statements, 1 form of ID