Pre-Approval Checklist

Buying a home is one of the biggest and most important decisions of any individual’s life. Needless to say, you should prepare for a sometimes complex, yet ultimately rewarding, process of getting approved for a home loan.

Here at Legacy Park Mortgage, we aim to make the loan approval process as painless and streamlined as possible for our clients. Therefore, we have put together the following checklist for you to include the most common steps for getting pre-approved for a mortgage. It is crucial to keep in mind that this is only a general guide – not all loan programs require these steps. Legacy Park Mortgage can offer you a wide variety of mortgage loan programs that require less documentation or requirements, and that you may be a better fit for you based on your specific personal or business needs.


Review your credit report to make sure there are no errors or negative statements.


Keep your credit score healthy throughout the process: if the score goes down prior to closing on the loan, you may lose your qualification status. Avoid applying for a new card, taking on new debts, or making other big purchases prior to closing on your loan.


Gather proof of income such as tax returns, bank statements, W-2 forms, pay stubs, or recent profit-to-loss statement (if self-employed).


Have the money for both your down payment and closing ready; if these funds have been gifted, make sure to explain that to the lender.


Gather personal documents, like two forms of government identification. Also, have other personal paperwork, like copies of divorce papers, if applicable.


Provide proof of all sources of regular income: alimony, government assistance such as social security, and so on.


Gather any documentation of account balances for IRAs, 401Ks and other retirement or savings accounts.


Be sure to disclose any money you have in stock.


Bring proof of any other property you currently own.


Don’t hide any bankruptcy or other past financial distress. Prepare a detailed, written explanation of the incident and what you did to correct it.


Once all this is done and you’ve gotten pre-approved, you will receive a Loan Estimate detailing your mortgage loan costs.

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