Monday, July 23, 2012

Mortgage Pre-Approval Is Step 6 in How To Get A Mortgage Approved

 Bill Rayman Is A Mortgage Broker in West Los Angeles.  In this Series of Ten Steps to Get A Great Mortgage, Step Six Is to Get Pre-Approved.

Sellers increasingly demand to know up front whether a buyer can legitimately get the loan required to make a purchase, and they look to ta lender for authentication of which there are two types. 

One is a Pre-Qualification letter.  This type of letter provides an informal estimate of the loan you can handle.  The lender often sees no documents, just bases the amount on verbal information from the buyer. 

A Pre-Approval letter is more meaningful, and therefore more preferable.  To issue this, a lender generally requires a buyer’s taxes, assets, income proof and credit.  A Pre-Approval letter assures a seller that the buyer meets the guidelines to get the loan needed.

Being able to provide a Pre-Approval letter from a recognized lender or broker from a well-known company makes the seller know you are serious which can help you in a competitive bidding situation.  Cash offers speak the loudest, but a strong Pre-Approved buyer may be chosen over other would-be buyers even if their bids are higher.

If you would like to get pre-approved for a mortgage loan, call today and we will help you through the process.  Loan Rates are at record lows, but you will find that the banks and federal regulations are making it hard to get loans.  We are a bank and a mortgage broker, so we can provide you with the best chance of getting a great loan.

If you have not seen the first five parts of the series, just go to http://www.blog.MortgageHelpLosAngeles.com and scroll down to see all the previous parts.  

You might also find some great direction with regard to more minor details by checking out the forty plus videos on our video channel at http://www.youtube.com/user/BillRaymanMortgages






1 comment:

  1. A pre-approval can speed up the financing process because a lender has already begun analyzing and researching your file.A seller is more likely to accept an offer from a pre-approved buyer because there is more of a guarantee that your offer will be financed over the buyer who has not taken similar steps.
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