Pre-approval

We are getting ready to start looking for a house.
I know I need a pre-approval letter but I am not sure who I should go to get one.

Does it matter who I go to for the letter - am I obligated to them when I need a mortgage?

Can anyone recommend a place to get pre-approved?

Thank you!

You are not obligated.

For starters I would go to your regular 'brick and mortar' bank. I've heard mixed reviews of lendingtree.com and other internet or phone only places.

They are going to want the following from you so get your paperwork together and I would make several packets of copies of this so have enough if you want to shop around:

For you and your SO:

1. Last two paycheck stubs showing yearly earnings and earnings so far for this yearr.

2. Last two months bank statements for how every many banks you have accounts in.

3. Any liabilities- car loans, students loans, credit card debt, etc. These can and will work against you but to what degree depends upon your personal situation.

4. Last two years tax returns.

5. Any other investments- statements from IRA's, 401K, if you have an acccount at an investment company like Fidelity etc.

They of course will also run your credit.

We handed all of that in before we even looked. Because I already did the paper work I found a house and was able to make an offer in less than 3 hours after looking at it. We actually beatt out another couple who made an offer three days previous but were not pre-approved.

Good luck.

Thanks for the break down of what I need to get before I approach the bank! I should get started getting that stuff together!

I'm going to check with our bank first. For some reason, I have had this nagging feeling that Lending Tree - while it looks so easy - might not be my best option. thanks again!