The pre-approval that wins the offer

Pre-qualified, pre-approved, underwritten

The words are used loosely. A pre-qualification is an estimate based on what you told the lender. A pre-approval usually means credit was pulled and documents were requested. An underwritten pre-approval means someone actually reviewed the credit, income and assets and found no reason the loan would not close.

Listing agents know the difference, and in a competitive market they call the lender named on the letter. A letter from a lender who has not looked at the file produces a vague conversation. A letter from Troy produces a specific one, because he reviewed it himself.

What agents check

When a listing agent calls, they are listening for whether the lender knows the borrower, whether the income has been verified, whether the down payment is seasoned and whether the closing timeline is realistic. They are also listening for responsiveness, since a lender who does not pick up for the agent probably will not pick up during escrow.

What to have ready

A short list, gathered once, lets Troy issue a letter you can rely on.

• Two years of W-2s or tax returns, or 12 to 24 months of bank statements if self-employed
• Recent pay stubs and two months of bank or asset statements
• Photo identification
• For VA buyers, discharge papers or a statement of service
• A note on any gift funds and where they come from

Keeping it current

A pre-approval ages. Credit reports expire, statements go stale and limits change. Troy keeps your file current while you shop, so when the offer is accepted the loan goes straight into underwriting with nothing to redo.