Lenders

You'll fill out an online or paper loan application, providing basic information about your finances, employment, and personal details.

• Lenders need to verify your income, assets, and debts. You'll need to provide:

• Proof of Income: Pay stubs, W-2s, or tax returns for self-employed individuals.

• Asset Information: Bank statements for checking, savings, and investment accounts to show funds for a down payment and closing costs.

• Debt Information: Details of your monthly debt obligations to calculate your debt-to-income ratio.

Identification: A government-issued ID and your Social Security Number.

The lender will check your credit score and credit history to assess your creditworthiness.

A lender's underwriter will review your application and documents to fully verify your financial situation.

Once approved, you'll receive a pre-approval letter that outlines the maximum loan amount and estimated terms for which you qualify. This letter is generally valid for about 120 days.