Home Loan Pre Approval

Pre Approval for Home Loans

Home loans are long-term financial commitments that allow individuals to purchase their dream homes. Whether you're a first-time homebuyer or looking to upgrade your current residence, obtaining a pre-approval for a home loan is an essential step in the home buying process.

At Stonehenge Financial Inc., we have experience in underwriting, so we know what is needed and how to analyze the loan. Our team is committed to making the mortgage process simple and straightforward for you, ensuring that you find the right mortgage product for your needs.

A pre-approval for a home loan is a conditional commitment from a lender to provide you with a specific amount of mortgage financing based on your financial and credit history. It is not a guarantee of a loan, but it gives you an estimate of how much you can borrow, making the home shopping process easier.

To obtain a pre-approval for a home loan, you will need to provide detailed information about your income, assets, and debts. The lender will also check your credit score to assess your creditworthiness. Based on this information, the lender will determine how much they are willing to lend you and the interest rate for your loan.

There are several benefits to getting a pre-approval for a home loan. One of the main advantages is that it gives you a clear idea of your budget and allows you to narrow down your home search to properties within your price range. It also shows sellers that you are a serious buyer, further along than just pre-qualification and can give you an advantage in a competitive market.

Moreover, getting a pre-approval for a home loan can speed up the mortgage approval process once you find your desired property. Since most of the paperwork and background checks have already been completed during the pre-approval stage, finalizing the loan will be faster and smoother.

However, it's important to note that a pre-approval is not a final approval for a home loan. The lender will still need to verify the property you want to purchase as well as a few of your financial items to ensure it meets their requirements before final approval. Additionally, your financial situation may change between getting pre-approved and actually buying the home, which could affect your eligibility for a loan.

Call the Stonehenge Financial Inc. home loan & pre approval  loan experts at 303-456-0366, today!

Get Pre Approved For That New Home!*

*Please complete the loan application in its entirety BEFORE hitting submit. 

Pre-Approval Checklist

If you're unsure about how to get started, don't worry! We're here to assist you every step of the way. To initiate the approval process, follow these simple steps and send the required items to us via our secure borrower portal. We believe in working towards approval rather than just pre-approval, so you'll be fully prepared when the time comes to make your purchase. Here's what you'll need to provide:

• Last two pay stubs (send the next one automatically to keep your file active)
• Last two years of W2s, 1099s, K-1s (most people only have W-2s, but if you're self-employed or have dividend income, you'll need the others)
• Last two years of tax returns (include all pages, including schedules, but be cautious of writing off too much on your schedule A)
• Last two years of 1120's or 1065's, if applicable (for self-employed individuals)
• Last two consecutive months of bank statements for both checking and savings accounts (include all pages, even blank ones; send the next one automatically to your A and N loan officer)
• Large deposits that are not payroll-related will need to be sourced
• Let us know which account your down payment is coming from
• Provide your 401k statement or stocks, as well as any other assets for the last two months. If they are quarterly, include the last quarter's statement along with a current print screen
• IRS Transcripts as validation that your tax returns have been filed with the IRS. Follow the instructions on the IRS website: http://www.irs.gov/Individuals/Get-Transcript. If you are unable to do this, don't worry, your Stonehenge Financial Inc loan officer will order them for you!

Contact your Human Resource Department to verify employment within 10 days of closing, and again three days after closing (it must be done twice).

If your employer uses thetheworknumber.com, you'll need to set up a salary key code and PIN number Additionally, provide the following: - Copy of your driver's license (we're excited to see your photo!)

Email your loan officer with details about your current employer, including name, address, job title, and length of employment.

If you've been with your current employer for less than two years, please provide a list of all employment for the past two years. Once you're under contract, the following items will be needed:

• Executed (signed) Purchase Contract with all seller's disclosures (typically provided by your Realtor)
• Earnest money - once the earnest money has cleared your account, your A and N loan officer will need a copy of the front and back of the check. We're here to support you throughout the process, so feel free to reach out to your loan officer with any questions.
  

Not sure how to get started? We're here to help!

To kick off the approval process, gather the following items and send them to us through our secure borrower portal. We believe in working for your loan preapproval so you'll be ready to make that purchase when the time comes. Here's what you'll need:

1. Last two pay stubs (send us the next one automatically to keep the file active)
2. Last two years of W-2's, 1099's, and K-1's (if applicable)
3. Last two years of tax returns (include all pages, including schedules)
4. Last two years of 1120's or 1065's (if self-employed)
5. Last two months of consecutive bank statements for checking and savings (include all pages, even if blank)
6. We'll need to verify all large deposits not related to payroll
7. Which account will your down payment come from?
8. Provide your 401k statement or stocks and any other assets from the last two months. If they are quarterly, include the last quarter's statement along with a current print screen.
9. IRS Transcripts - validate that your tax returns are filed with the IRS. Follow the directions on the IRS website: [IRS website link]
10. If you're unable to obtain the transcripts, your A and N loan officer will order them for you.
11. Contact your Human Resource Department to verify employment within 10 days of closing and again three days after closing (twice in total). If your employer uses thetheworknumber.com, you'll need to set up a salary key code and PIN number.
12. Copy of your driver's license (front and back, we can't wait to see your photo!)
13. Email your loan officer with your current employer's name, address, job title, and length at your current employer. If you've been employed for less than two years, please list all employment for the last two years. Once you're under contract, we'll need the following items:
14. 1. Executed (signed) Purchase Contract with all seller's disclosures (usually provided by your Realtor)
15. 2. Earnest money - once the earnest money has cleared your account, send a copy of the front and back of the check to your A and N loan officer.

We're excited to work with you throughout the process! If you have any questions, reach out to your loan officer.

We understand that starting the approval process can be overwhelming. Don't worry, we're here to assist you every step of the way! To get started, please gather the following documents and send them to us securely via our borrower portal:

1. Last two pay stubs (When you receive your next one, please send it to your loan officer to keep the file active).
2. Last two years' W2s, 1099s, and K-1s (Note: Most people only have W-2s, so you may not receive a 1099 unless you're self-employed. K-1s are required if you receive dividend income or are self-employed).
3. Last two years' tax returns (Including all pages and schedules.
4. Be cautious about writing off too much on your schedule A, as it may cause issues).
5. Last two years' 1120s or 1065s if applicable (Only applicable if you are self-employed).
6. Last two months' consecutive bank statements for checking and savings (Please include all pages, even blank ones. Remember to send the next statement to your A and N loan officer). For print screens, please ensure that the URL is at the bottom and includes your name and address. 6. Any large deposits that are not related to payroll need to be sourced.
7. Please let us know which account your down payment will come from.
8. Provide your 401k statement or stocks, along with any other assets for the past two months. If these statements are quarterly, send the most recent quarter's statement and a current print screen.
9. IRS Transcripts (These verify that your tax returns have been filed with the IRS).

Please follow the directions on the IRS website: http://www.irs.gov/Individuals/Get-Transcript. If you encounter any difficulties, your Stonehenge Financial Inc., loan officer will order them for you. Contact your Human Resources Department to verify your employment within 10 days of closing and three days after closing (This needs to be done twice). If your employer uses thetheworknumber.com, you will need to set up a salary key code and PIN number.

Copy of your driver's license (We look forward to seeing your photo!)

Email your loan officer with your current employer's name, address, job title, and length of employment. If you have been employed for less than two years, please provide details of all your employment for the past two years.

Once you are under contract, we will need the following additional items: An executed (signed) Purchase Contract with all seller's disclosures (Your Realtor will typically provide this to you).

Earnest money (Once the payment has cleared, please provide a copy of the front and back of the check to your Stonehenge Financial Inc. loan officer). We're here to assist you throughout the entire process. If you have any questions, please don't hesitate to reach out to your loan officer.