Real estate for sale in southern California communities. Cheryl Gollnick, Real Estate Broker

Mortgage Information

If you are a buyer, take the steps necessary to get a letter from the lender stating you are "pre-approved" for a loan in a specific price range before you make a contract offer to buy real estate. 

  The mortgage professional will check your credit history and look at your income documentation.

They will then issue you a "Letter of Pre-approval". This letter will make it much easier to get your offer accepted by the seller and will speed your process to closing on your new property. It will also give you peace of mind in knowing you have overcome the largest hurdle to buying a property. 

Don't rely on a "Pre-Qualification" for a loan. This simply means a realtor or mortgage loan officer has taken basic information from you (sometimes only verbally) and based on what you have told them, they will state that they have reviewed your information and have determined that you qualify for the loan.

Just remember that things may change once your credit is reviewed or down payment requirements have been assessed etc.

Also, most realtors inform their sellers not to accept an offer from any buyer that has not been "pre-approved" for the loan. To do so could mean the purchase may fall thru and the seller would have to start all over again. Also know that buyers face a chance of not getting a seller to view their offer at all unless they are pre-approved!



 
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