Arizona Pre-Qualification & Loan Status Update 2022

Hi, this is Sheri Spierick, your Arizona REALTOR®, and we are going to discuss the Prequalification Form and the Loan Status Update Form. If you are purchasing a home using financing, you will want to get with your lender to have this Prequalification Form filled out, and they fill this out based on your requirements on the loan. So, your lender is going to request from you pay stubs, W-2s, any tax returns, down payment, and reserves. They will check your credit and your debt to make sure that you are qualified for the home that you're looking at. They will also go over the different types of financing, you know, conventional financing, FHA. If you are in the military or a veteran, you potentially would want to look at a VA loan, which are wonderful loan programs. And then there's also the ability to have down payment assistance, which also are a case-by-case situation. So, this form is very, very important, and we will have this form filled out from your lender, and the lender signs it, and then you sign it. And then, once we are in contract, then that lender is going to send your buyer's agent and the listing agent a weekly update showing them where you are in the loan process and how your loan is performing. And here's the Loan Status Update Form. As you can see, page one is the actual page from the Prequalification Form, and then we go into page two, which is what's going on with your loan. And as the lender goes through different processes through the loan, they will update this form and then send this form, like I said, to both the buyer's agent and the seller's agent. And this is a good way to keep track of your loan and where it is in the process. If you have any questions regarding financing and mortgages, I have my go-to guy, Tim George, listed below. Feel free to reach out to him for all of your questions. I hope this information was helpful, and just want to wish you a wonderful day.