Washington State Mortgages, Made Clear. Buying or Refinancing? Let's find the right loan together.
If you’re getting ready to buy a home in Washington State, one of your first steps is getting preapproved. And to be truly preapproved — not just prequalified — you need to provide documentation that backs up your income, assets, and credit.
A preapproval letter is only as strong as the file behind it. If your loan originator hasn’t asked for supporting documents, you’re likely prequalified, not preapproved. There’s a meaningful difference — especially when you’re competing for a home. (Here’s a full breakdown of what each level means.)
Below is a checklist of what you’ll typically need to provide, organized by situation. It’s possible that exceptions may be made on a case-by-case basis. [Read more…]
When assets are being used for down payment of a new home, towards closing costs on a refinance or even to document that the borrower has enough reserves (typically a couple months of mortgage payments) in the bank after closing; they need to be documented.
