Monday, April 15, 2013

Why Mortgage Lender Pre-Approval is Important

Why Mortgage Lender Pre-Approval is Important
by Veronica Cabrera

Phase One Pre-Approval


One of the most important things a potential homeowner can do is
get pre-approved prior to viewing any homes.

Once you have decided to purchase a home the best thing to do is find a licensed and reputable mortgage lender who can help you determine the amount of home you can afford. What many potential homeowners may not know is that it takes time for pre-approval papers to be authorized.

 The mortgage lender will ask you personal questions relating to your finances. Some of the things you will be asked for will be; proof of your income, bank account information - including any checking or savings account statements, and all outstanding debts you may have.

Gathering the facts and figures of your monetary situation will allow the mortgage lender to determine the amount of house you can afford. This information will benefit you by allowing you to understand how much your monthly mortgage payments will be.

The most important reason you should become pre-approved for a home loan is that your offer will be taken more seriously and it will help your realtor move the paper process along faster.

Having a pre-approved letter from your mortgage lender, lets your realtor know that you mean business and that you want to be able to buy the home of your choice, within your price range, in the fastest amount of time possible.

 In today's real estate market, some homes can have bids placed on them in a matter of hours. When there is a pre-approved letter in hand by a potential buyer, that bid will be taken very seriously because the realtors for both the seller and the buyer know that there is a lender who is ready to get the paperwork rolling and get the sale completed.

As a professional realtor, I would advise you to find a professional mortgage lender and get your pre-approved letter before you start house hunting.
In the end, you will have saved time and can be living in your new home sooner than you think. 

You can find this article and more real estate information on my website at


Veronica Cabrera
Independent Real Estate Broker
Cell: (714) 809-6521
DRE  #01463140


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