Getting preapproved for a mortgage before you go home shopping isn’t required, but it is a good idea. Unlike a pre-qualification, a preapproval letter lends weight to your bid on a home, proving to sellers that you have the financial clout to stand behind your offer. When you're ready to get preapproved it's important to know what you'll need in terms of documentation. It's likely you already have many of the records you’ll need or easy access to them. Take a look at the list below.

ORGANIZE YOUR FINANCES

In order to get you pre-approved we need the documentation below. All of this and more will be needed once your loan is in process so might as well pull it together now.

• Pay stubs – last 30 days
• W2s – last 2 years
• Federal tax returns – last 2 years, all pages and schedules
• Bank statements – Last 2 months, all pages
• Realtor and attorney contact info
• Copy of photo ID – must be legible

Did you miss last week's blog? Learn more about Mortgage Basics here.