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Pre-Approval Preparation
Before you request pre-approval with our loan application, it will help tremendously if you gather the following information for all borrowers:
Personal Identification - Full name
- Social security number
- Birthdate
- Years in school (HS = 12, Assoc, = 14, Bachelors = 16)
- Marital status
- Ages of dependents
Current Contact Information - Home, work, or cell phone number
- Email address
- Current home address
- Lease expiration date (if renting)
- Previous addresses (go back two full years)
Employment Information - Name of employer with address and phone
- Current position/title
- Dates employed and years in the same line of work
- Gross monthly income (before any deductions)
- All of the above to go back two full years
- Other income including social security, VA, etc.
Current Housing Expense - Amount of current rent or mortgage payment
- Amount applied to property taxes (monthly or annually)
- Amount applied to hazard insurance (monthly or annually)
- mount paid monthly for renter's insurance (if applicable)
- Amount paid monthly for homeowner's association dues
Refinance Loans Only - Original cost of property
- Month and year acquired
- Current estimated value
- Current mortgage balance
- Current interest rate and terms
- Prepayment penalty (if any)
- Purpose of refinance loan
- If cash out, amount needed/desired
Asset Information - Checking accounts (bank name and current balance)
- Savings accounts (bank name and current balance)
- Investment accounts (company name and current value)
- Vested retirement (company name and vested value)
- Automobiles (year, make, model, and estimated value)
- Life insurance (company name and estimated cash value)
- Other assets (description and estimated value)
Real Estate Owned (if applicable) - Property address
- Estimated market value
- Current mortgage balance and monthly payment
- Current property tax payment and hazard insurance payment
- Gross rent and occupancy rate (if investment property)
Current Liabilities (skip if on credit report) - Auto loans (company name and minimum payments)
- Credit cards (company name and minimum payments)
- Student loans (company name and minimum payments)
- Child support or alimony (monthly payment and months left)
- All other liabilities (description and minimum payments)
Once you are prepared with the information above, you are ready to complete a loan application to start the pre-approval process. Click here to get started! Click here for a printable version of this page. Contact us if you have any questions whatsoever.
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Chad Bowman
Mortgage Broker #74698
(512) 646-0800
Email Chad
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Veteran Owned & Operated
© 2004-2009 Bowman Finance, LLC
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Bowman Finance
7217 McNeil Drive
Austin, TX 78729
Directions
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Bowman Finance does not provide tax or legal advice under any circumstances and always
recommends
you consult with a licensed tax advisor or licensed attorney for such advice. |
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