Your Mortgage Resource Center

Preparing for the Loan Process

Items Needed for Pre-approval

When you prepare for the pre-approval process, make sure you have these items ready to go to make things go faster:

• W2s from the last two years
• 1040 Federal Tax Returns from the last two years (all pages)
• If you are a business owner, you will need business tax returns and K1s
• 2 most recent paystubs
• 2 months of recent statements for all assets (checking, savings, money market, retirement, etc.)
• Driver’s license or passport
• Other documentation may include: offer letter for employment, school transcripts, social security or pension award letters, divorce decree, bankruptcy papers, short sale documentation 
  

Pre-Qualified

Begin your adventure to lake home ownership in Minnesota by getting pre-qualified. This initial step provides a clear picture of your financial capabilities and sets the foundation for your property search. Simply provide us with details about your debts, credit, income, and assets.

This process can be completed quickly and easily over the phone or online, with no cost involved. Usually, within just one to two days, you will receive a pre-qualification letter. This letter includes a loan estimate and a list of any further documentation that might be needed.

It's important to note that pre-qualification is based solely on the information you provide and does not include an in-depth analysis of your documentation. It’s a preliminary step that helps you gauge what you can afford.

Pre-Approval

Moving from pre-qualification to pre-approval marks your transition from a prospective buyer to a serious contender in the Minnesota lake home market.

To advance, you'll need to provide all the necessary documents as specified in your pre-qualification letter. Our team will then thoroughly review and validate your documentation to assess your financial readiness. Once everything is confirmed, you’ll receive an official pre-approval letter stating the amount you are approved to borrow, enhancing your credibility with sellers.

In a competitive buying environment, a pre-approval letter is crucial. It signals to sellers that you are not only serious but also financially prepared to proceed with a purchase, putting you in a favorable position when making offers on lake houses. This approval ensures you are viewed as a dependable buyer, enabling you to navigate the market confidently and make compelling offers on your dream lake home.