Mortgage Loan Pre Approval Makes California Home Search Easier

Mortgage Loan Pre-Approval Makes California Home Search Easier
New home search in​ California is​ made much easier with a​ mortgage loan pre-approval that lets you​ know the​ maximum amount obtainable .​
With a​ California home loan pre-approval letter,​ real estate agents are more inclined to​ work with you,​ and show properties in​ the​ specific price range of​ the​ maximum mortgage .​
Sellers and listing agents also take an​ offer more seriously if​ the​ home mortgage loan is​ already pre-approved .​
Many first time home buyers confuse being pre-qualified with pre-approved .​
Pre-qualification is​ a​ casual process,​ where the​ potential buyer how much may be borrowed based on​ income,​ existing debt,​ and cash down payment .​
A pre-qualification may be a​ form letter or​ personalized,​ but will contain disclaimers to​ protect the​ lender in​ case the​ borrower fails to​ qualify .​
Some real estate agents feel that pre-qualification letters say little more than you​ have contacted a​ California mortgage company .​
Before a​ lender will make the​ loan,​ a​ formal loan application will be required .​
In contrast,​ pre-approval letters have far more validity and indicate to​ the​ seller that the​ borrower has passed the​ credit check and have preliminary loan approval .​
To obtain pre-approval letter a​ formal loan application is​ submitted with all the​ relevant documentation .​
Everything is​ verified and credit is​ checked,​ then the​ California mortgage lender agrees in​ writing to​ make the​ loan .​
The loan will be subject to​ a​ satisfactory property appraisal and title search .​
A formal loan application process is​ an​ eventuality,​ so we recommend obtaining a​ loan pre-approval in​ advance .​
By doing so,​ you​ avoid any disappointment of​ making offers outside of​ your price range,​ and get far more cooperation from agents and sellers because they will feel that their time is​ not being wasted.
For more information on​ obtaining a​ pre-approval for a​ California home mortgage loan please call Goldmedalmortgage at​ 866 398 4664 or​ go to:
Mortgage Loan Pre Approval Makes California Home Search Easier Mortgage Loan Pre Approval Makes California Home Search Easier Reviewed by Henda Yesti on June 24, 2018 Rating: 5

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