How to I Get Preapproved?

Don’t worry about your finances, choose the professionals who’ll take care of them. 

You’re just starting your search to purchase a new house - this is an exciting time! Before you schedule your first home tour, getting prequalified for a mortgage is an important first step. You don’t have to think about it on your own - I'm here to help you. 

I have worked with many different lenders and with previously being a loan officer myself, I could not recommend more to work with my lender partner Kole McClain. Kole will take excellent care of your family's needs when it comes to buying your first or tenth home. The same communication and care that I strive to give you as my client you will also receive from Kole, as there will not be a drop off of customer service. Give Kole a call today to get the process started of getting you into your next home!

Kole McClain - Primary Residential Mortgage 

Phone - 317-502-3667

Email - kmcclain@primeres.com

Here’s a checklist to get you on your way to buying the home of your dreams before you decide on the professional with whom you want to work with. 

1. Personal documents
   You’ll need two forms of government-issued ID, your social security number, divorce papers if applicable, as well as proof of ownership of other property.
2. Review your credit report
   You should be able to do this free of charge. Be sure to dispute any errors or provide an explanation for late payments or derogatory items. Then, keep your credit score healthy by avoiding any new credit inquiries, canceling any credit accounts, or lowering limits with any creditors. Doing any of these things could lower your credit score. 
3. Tax returns
   You’ll need to provide tax returns for the previous year, and potentially for the last two years.
4. Proof of income
   Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof children’s ages), or government assistance.
5. Proof of assets
   Provide bank statements, mutual fund statements, account balances for retirement accounts, 401Ks, IRAs, and any money held in the stock market.
6. Debt summary
   You’ll need to provide a summary of your debts, monthly payment amounts, child support payments and balances for credit cards, student loans, car loans, other property loans.
7. Financial issues
   You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past.
8. Down payment and closing money ready
   Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the gifter explaining the gift is not a loan.
9. Renting
   Compile proof for the past year with canceled checks or money orders to show rent was paid on time.
10. Mortgage pre-approval successful
    Do some comparison shopping and contact other lenders. A home is likely the largest purchase you’ll ever make, do your homework to ensure you get a competitive deal. 

Applying for your first mortgage? Get in touch with us! We’d be happy to walk you through the process and help you find the mortgage lender you can trust.