Mortgage Loan Pre-Approval Makes California Home Search Made Easier
Released on = April 4, 2006, 9:00 am
Press Release Author = Camelot Marketing
Industry = Financial
Press Release Summary = A California mortgage loan pre-approval
letter makes home search easier by knowing what you can afford.
Real
estate agents also treat you as a qualified buyer.
Press Release Body = 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: http://www/goldmedalmortgage.com
Web Site = http://www.goldmedalmortgage.com
Contact Details = Keith Hunt
8190 Orchard Street
Alta Loma , 91701
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