The Importance Of Mortgage Pre-Approval

Pre-Qualification
Pre-Qualification is an informal way to see how much you might be able to borrow for your new home. You can get “pre-qualified” over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. The lender will not make a commitment to lend to you based on this unverified information, but you will have a ballpark figure for how much you can spend on a house.

Pre-Approval
Pre-approval is a lender’s actual commitment to lend to you. The process involves assembling our financial records (checklist) and going through a preliminary approval process that can take up to a couple of weeks.

Why Get Pre-Approved?
Pre-approval provides you a definite idea of what you can afford and shows sellers that you are serious about buying. In addition to documenting your financial ability to close on a transaction, pre-approval shortens the time needed to close on a loan, and makes you a more attractive buyer for sellers who want a quick and efficient escrow.

Residential Mortgage Group Dave Aizenstadt 30255 Tomas Rancho Santa Margarita, CA, 92688 P: (949) 766-4500 F: (949) 766-4502 residentialmrtgage@sbcglobal.net
Western Resources Title Jennifer Flannery 407 N El Camino Real San Clemente, CA, 92672 888-743-0412 jennifer.flannery@yahoo.com
Coast Cities Escrow Tracy Young Scott Branch Manager/Sr. Escrow Officer 313 N. El Camino Real San Clemente, CA 92672 tel 949.498.0777 fax 949.498.0707 e-fax 714.852.4182 tracyscott@coastcitiesescrow.com
Bankers Funding Dave Balsz 407 N El Camino Real San Clemente, CA, 92672 P: 949-366-9375 David.M.Balsz@bankersfundingcompany.com
Bank of America Jeff Moore 30221 Golden Lantern Laguna Niguel, CA 92677 (866) 409-9180 jeff.moore@bankofamerica.com