Understanding and Getting Financing

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What is the difference between being Prequalified and Preapproved, and WHY does it matter?

This is a very common question and understanding the difference and importance will help you know why you MUST be PRE-APPROVED as soon as possible if you are not already, if you are interested in purchasing a home.

PRE-QUALIFICATION:  is what you are doing when you complete a loan application, including a credit report review, and answer all questions about your income and bank accounts. A loan professional will take this information and process it through their systems to decide how much of a loan you qualify for and at what interest rate and cost. This lets your loan officer communicate to you the payment amount, and maximum purchase price you qualify for. He/she will discuss these numbers with you and will decide on a payment that you feel comfortable with and the purchase price that goes with that payment. At this point you will receive a PRE-QUALIFICATION letter. Along with this letter of prequalification you will receive a list of documents that are needed and you need to fax, email or mail back immediately so that you can move from prequalification to PREAPPROVAL or you cannot submit an offer when you found your property.

PRE-APPROVAL: The only difference between PRE-QUALIFICATION and PRE-APPROVAL is that your Loan Officer's UNDERWRITER  has reviewed the documents that you have sent back and verified that the numbers used during the loan application process are the same numbers that the banks will use once ready to complete the loan. When these documents have been fully reviewed, you may have more or less income than was discussed. This is because banks will not allow you to include some forms of income, but will allow to add other income. Especially when using tax returns to verify income there can be differences in the income you make and the income the bank will allow to include. There may be other factors to be considered such as taxes and other figures when completing the calculations for PRE-APPROVAL. Once your Loan office's underwriter has reviewed these documents he is able to complete and send you a PRE-APPROVAL letter. You are now completely ready to go shop for a home!

Why is PRE-APPROVAL so important if I have a Pre-QUALIFICATION already? Today, sellers and especially lenders are very skeptical about the qualification of buyers. Currently over 40% of purchase transactions are cancelled and this is usually due to the buyer not being completely qualified.  Due to this fact, Sellers are REQUIRING PRE-APPROVALS and will not accept an offer that is with a PRE-QUALIFICATION. So, you will lose the house you want to buy if you are not fully PRE-APPROVED! The good news is that a professional Loan Officer with many years of experience such as I use for my clients, will provide you with superior knowledge and service at all times and can complete a PRE-QUALIFICATION for you in about 30 minutes. And depending on how fast you will forward him the required documentation for a PRE-APPROVAL, he can usually complete that in about 2 hours! So if you contact me now for his contact, he should be able to have you PRE-APPROVED within 24 hours! Then you will know the payment, the buying process and the maximum purchase price you are looking for and be ready and confident to buy and start working with your professional Realtor! Along with your PRE-APPROVAL he/she will also send you a breakdown of all of your closing costs called a “Good Faith Estimate” so you and your Realtor will know how much you will need in cash to close escrow, as well as a copy of your most recent credit report. And all this is free of charge just for working with a top “Team” of professionals such as I am offering you right now! To schedule your PRE-QUALIFICATION and PRE-APPROVAL appointment, or for more questions, give me a call. I look forward to seeing you in your new home! For more information keep an eye out for my Newsletters and very important updates of market conditions, FORECLOSURES and more in this important series of news!

In the large Inland Empire areas you will find special low-priced bargains of Foreclosed and Bank-Owned properties below market value, if you know how

My 30 plus years experience and knowledge of "up and down" market cycles will be of great benefit to you whether you are serious about buying or selling or, you are a returning client checking out the many now affordable and incredible low-priced properties I can offer you. I am a fully Certified Foreclosure Specialist, who for 30 years has been dealing with Bank-Owned and "Short Sale" homes and investment properties and will provide you with superior knowledge and service at all times.

Erika M. Kay, Broker/Owner, Property Manager
Short Sale & Foreclosure Specialist (NARSFR)
SRES (Senior Real Estate Specialist)
Certified e-PRO

Independent Broker Consultants
1655 E 6th St. Ste A-1, Corona, CA, 92879
Office: 951-734-6447 - Direct: 951-545-3786
E-mail: erikakay02@gmail.com - Website: www.ErikaKay.com
CAL BRE #008047509

Erika Kay
Real Estate Broker/Owner
I am here to help. Please feel free to contact me with any questions.
  • Office: 1.800.771.6447
  • Direct: 1.951.545.3786
  • Email: erikakay02@gmail.com
  • 1655 E. 6th St., Ste A-1
    Corona, CA, 92879
  • Short Sale & Foreclosure
    Specialist (NARSFR)
  • Government Home Sale
    Professional (GHSP)
  • SRES (Senior Real Estate Specialist)
  • Certified e-PRO
  • Cal Bre # 00804509
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