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CALIFORNIA MORTGAGE PRE-APPROVAL
The difference between California Mortgage pre-qualification and pre-approval?
Pre-Qualification
The starting point in your search for California mortgage financing is pre-qualification. A quick status is taken which will include income, your existing debt, savings, length of employment, and similar items. These factors are then analyzed to determine your California mortgage loan eligibility.
Written documentation showing you have the support of a lender who is willing to finance you is pre-approval. This shows that your loan application for a California mortgage has been reviewed by an underwriter.
The underwriter provides the dollar amount you are eligible to borrow for a California mortgage loan. This amount is based on your income, debt ratio and savings. You can now shop for a home that fits into that loan amount category.
Pre-Approval
The nice thing about the pre-approval is: It will give you leverage. The leverage to shop as a cash buyer! With a California mortgage pre-approval in hand; you now have power to negotiate. Your offer will be taken much more seriously by the seller; the seller may even accept your offer over higher ones knowing you are already approved for your California mortgage by a California mortgage lender. You can even save up to 15% on the purchase price of your home with full credit approval.
What will my monthly payments be?
Your monthly payment amount will, of course, depend upon what loan program you choose. Together we will find the California mortgage loan programs that meet both your current and long-term goals. You will have the opportunity to select a program you feel comfortable with before you make an offer on a home.
What is the cost of California mortgage pre-approval?
California mortgage pre-approval is absolutely FREE! You have everything to gain and nothing to lose.
Give us a call or fill out our online application to begin your California Mortgage Loan pre-approval process today!