Chris Luis, My Favorite Mortgage Broker 
"I work for you, not the banks." 
NMLS 888571

CLuisMortgages. LLC             
MBR 1575, NMLS 1159714                                       
t: 800.991.3268
f: 800.718.1862
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What is a A Mortgage Pre Approval Letter 
Not all Pre Approval Letters Are Equal 

A preapproval is a loan officer’s professional judgment that you will be approved for a mortgage once you sign a contract to buy a home. Not all preapprovals are equal.

Nationwide, about 40% of all pre approvals are later not approve by a lender. This is mostly because the loan officer takes shortcuts. My batting average is 96% over the last 3 years. 

An ideal preapproval contains the following

  • Credit score and history
  • Income including pay stubs, w-2 and tax returns
  • Bank statements
  • Loan Software to generate Automatic Approval (called desktop underwriting or DU)

Getting a preapproval is the 1st major hurdle you have to get your mortgage. And the 1st step is to have your credit pulled. 

After that, provided you have the credit score and history to get a mortgage, I review all your income documents: this includes

  • 2 recent pay stubs
  • 2 years of w-2s (unless you are self employed) 
  • 2 years of tax return
  • Bank Statements

When done correctly, a preapproval letter gives you peace of mind knowing you will be approved and is your 1st step to home ownership. 

See what an ideal Pre Approval Letter looks like. 

See Video: What You Need for Mortgage

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