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Ready to talk to a lender?
A first call with a lender goes one of two ways: twenty minutes that ends in a pre-approval letter, or a list of things to go and find. This tells you which one you are walking into. It names no lender and recommends none — it is about what they will ask you.
Free. The whole result appears on this page the moment you finish — nothing is held back, and nothing is charged for. Shawn asks for a name and a way to reach you first.
The questions
Ten questions about what a lender is going to ask you, and whether you have it to hand. The result is on this page — it tells you what to gather before you call, so the first conversation is the useful one.
- What is the loan for?
- Can you lay hands on two years of tax returns and recent pay stubs?
Self-employed or on commission? Expect two full years and probably a profit-and-loss. - Two months of statements for every account the deposit comes from?
Every account it passes through, not only the one it ends in — that is the part that surprises people. - Photo ID and Social Security number ready?
- Is any of the deposit a gift from family?
Not a problem at all — but a gift needs a letter and a paper trail, and finding that out late costs a week. - Any large deposits in the last two months that are not payroll?
A lender asks about every one. Having the answer ready is the whole trick. - Do you know roughly where your credit stands?
Roughly is enough. You can pull your own reports free at annualcreditreport.com, the site the federal rules set up. - Do you know what your monthly obligations add up to?
Car, student loans, cards, child support. A lender works from the total, not from what is left over. - How long have you been in your current line of work?
- Anything in the last few years a lender would want explained?
A bankruptcy, a foreclosure, a short sale, a stretch of late payments. None of these are the end of it — they just need a date and a sentence. - Do you know you can compare more than one lender?
Rate quotes within a short window count as a single credit enquiry, so comparing two or three costs you nothing.