To show lenders that you're a qualified borrower, you'll need personal identification, pay stubs, bank account statements, a list of your monthly debts, tax returns, W-2 statements and information about your down payment. You'll also need to submit to a credit check.
Lenders want to see that your finances are stable, including your obligations to creditors. Avoid making large purchases on credit or opening additional credit lines, including new credit cards.
"By taking on more debt before obtaining preapproval, you could potentially exceed the debt-to-income ratio threshold that lenders are comfortable with, making it harder to qualify for the mortgage."
#mortgage-preapproval #qualifying-for-a-mortgage #financial-readiness #debt-to-income-ratio #credit-score
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