So You’ve Completed an Online Mortgage Pre-Approval Application. GREAT, What’s Next?

GMB_DUCKS_Facebook_POST-step2Ready to paddle into a new home, but not sure how to get your ducks in a row? You might have heard us quacking recently about completing a mortgage pre-approval with Great Midwest Bank, which is the first step.

Now for the second step! Meet with or call a Great Midwest Bank Loan Officer, conveniently located in Madison, Chilton and throughout Metro Milwaukee, to provide your information.

Wondering what we’ll need? Use this handy checklist to help you prepare:

  • Past two years W-2’s
    • Two years of information helps us determine your historical income, which on occasion is averaged if you work significant overtime, have a part-time job, or receive commission and/or bonus income.
  • Past two years Federal Tax Returns
    • For self-employed, rental property owners or commission-based borrowers.
    • Income for self-employed individuals often is reflected on Schedule C.
    • Rental property owners usually reflect that income on Schedule E and will likely need to provide mortgage and insurance statements on each property owned.
    • Commission-based borrowers sometimes file form 2106 for “Unreimbursed Employee Expenses” which would be deducted from income.
  • Last month of Paystubs
    • A month of paystubs (usually 2) allows us to measure consistency of income.
  • Two Months of Bank Statements (all pages & indicating your name)
    • We’re usually only interested in funds for down payment or that will be required at closing in a refinance situation.
    • An underwriter will look for significant large deposits other than payroll deposits and may require an explanation.
    • An online printout of history without your name and account number clearly indicated will not be acceptable for formal underwriting but can sometimes work in the case of a pre-approval. Just be prepared to eventually provide statements.  If you can’t access them online, ask your bank for copies.
  • Most recent Retirement Statement(s) (all pages & indicating your name)
    • We ask for these in the event we need to reflect that payment reserves are available or if you’re considering borrowing from retirement assets for down payment.
  • Signed Authorization and Electronic Disclosure Consent (available on our website)

While some houses will be on the market for months, others sell within days. In order to make sure you don’t miss out on getting your dream home, be ready to move quickly. Schedule a meeting or a call with a Great Midwest Bank Loan Officer to get your Ducks in a Row and into a new home today!

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