If you’re buying a condo or loft for sale in Little Tokyo, you’ll probably need a mortgage loan – most people do. The first step in your home search should be getting preapproval for that loan.
How to Get Mortgage Preapproval From a Lender
After you’ve shopped around for the best rates and terms, you’ll be able to settle on the best lender for your needs. When you find one, it’s time to get preapproval.
- Pay stubs (your last three should suffice)
- Tax returns from the past two years
- W2s from the past two years
- Documents that prove additional sources of income
- Asset information, such as bank statements
- A gift letter, if you’re receiving a financial gift to go toward your down payment
Your lender will look at your credit report (after you sign an authorization form), employment history and proof of income to determine whether it’s able to loan you money to buy a home.
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If you do qualify, your lender will provide you with a preapproval letter. The letter indicates that your lender has verified all your information and that as long as nothing changes in your financial situation, it will lend you the money when it’s time to buy.
Are You Buying a Loft or Condo in Little Tokyo?
If you’re thinking about buying a condo in Los Angeles or a nearby community, call us at 213-254-7626 or contact us online. While you’re here, check out our: