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Loan “pre-qualification” vs. loan “pre-approval”

In the competitive real estate landscape of the San Francisco Bay Area if you are obtaining financing to purchase a home; a loan “pre-approval” letter is often times required with the purchase offer in order for your bid to be seriously considered. A loan pre-approval is different than a loan pre-qualification. A financing pre-qualification is just that; it is the potential you may be able to obtain a loan based on certain stated information. A loan pre-qualification is not sufficient evidence of loan viability and thus not taken seriously if turned in with an offer on a property. Pre-approval is a tentative commitment from a specific lender for mortgage funding. To attain pre-approval, you will need to provide actual documentation of your income, assets, and debts, which the lender will use to calculate how large of a loan you qualify for. Once you are approved, the lender will give you a letter of commitment, stating how much money the bank is willing to loan you. Below is a list of some (but not necessarily all) of the documents your lender may ask to get you a pre-approval.
To start the loan pre-approval process please fill out and submit the form below which will be forwarded on to our recommended mortgage broker Spoloan!

Documents Typically Requested From Lender for Loan Pre-Approval

1. The last two filed FEDERAL tax returns (1040), including ALL schedules, PLUS any corporate (1120)
and/or partnership (1065) returns, including K‐1s AND any extensions.
2. Recent paystubs covering the latest month. If you are paid biweekly or twice a month, we will need two. If
you are paid monthly, just one, or if paid weekly, four. All paystubs must be consecutive, and they must be
within the last 45 days. (Not needed if you are self employed)
3. Last 2 years W‐2s for all employers for all borrowers.
4. Two monthly or one quarterly recent asset account statements. This includes checking, savings, stocks,
bonds, mutual funds, retirement, 401(k)s, 403(b)s, IRAs, CalPers, annuities, etc. All statements should be
consecutive and we will need every page.
5. A copy of your valid drivers licenses or Passports; if not a US citizen, need copies of your passport(s) and
“green cards” (front and back) or Visa
6. If currently renting, please provide the name of the management company for whom you write your rent
checks payable. If your landlord is anything other than a professional management company, please
provide 12 month’s of recent, consecutive, canceled checks that were paid to the landlord. (needed for
purchase only)
7. Most recent mortgage statement, if applicable, for all mortgages you currently hold
8. A copy of your insurance “summary page” on all properties you own



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spoloanJoel Spolin SpoLoan Mortgage Banking
2600 El Camino Real, #201, Palo Alto, CA 94306

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