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Calculate your income. Add up your debts. Identify the value of your assets.
You'll need to give the lender information about your income before you can be prequalified, especially your gross income before taxes. This is what lenders use. Accordingly, add up all of your income for the year. Look at your most recent W-2 form and your pay stubs. As part of the prequalification process, you also need to provide information about your monthly debt expenses. Identify all of your debts, including the following: Credit cards Student loans Auto loans Mortgage loans Other debts Don't include monthly expenses such as rent, utilities, cell phone costs, and etc. A lender considers the value of your financial assets and will also want to know how much cash are willing to budget for a down payment, closing costs, and escrows. Estimate how much you have in the following: Savings account Checking account Stocks Bonds IRAs CDs Other real estate holdings