This is what you need to work with me.
Mortgage Pre-Approval (Rental Options)
Getting a mortgage pre-approval (to me) means that you should be treated as a cash buyer. We should not take your financing lightly. You must have a pre-approval or even two before we can go on viewings.
No Big Ticket Purchases
This is not the time to go out shopping, ring up your credit cards, buy a new car or another home. Banks do not like to lend to folks who are stretched out financially. Furniture for your new digs should be purchased after your closing.
Important Docs
Having the right documentation will not only simplify the mortgage approval process but also make sure a co-op board will consider you as a strong candidate. Below is the documentation you must have readily available.
·Last 2 years personal tax returns (including all schedules)
·Last 2 years corporate tax returns if self employed (including all schedules)
·Last 2 years W-2 and/or 1099 forms
·Name of all phone numbers for current employer(s)
·Last 2 months asset statements (bank, 401-K, retirement, etc. - all pages)
·Last 30 days paycheck stubs
·Current monthly mortgage statement(s) (if already a homeowner)
·Name and all phone numbers for current landlord
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