What is Pre-Approval?

Getting pre-approved is the first step of the home buying process. For you and your buyer to be able to look for houses with confidence, they must first know what they can shop for.

What is Pre-Approval

Getting pre-approved is the first step of the home buying process. For you and your buyer to be able to look for houses with confidence, they must first know what they can shop for.

The pre-approval process includes a complete analysis of the buyer’s credit history and financial documentation by an experienced Loan Officer. During this time, we also discuss with your buyer what type of loan they not only qualify for, but also better accommodates their goal and needs, we will discuss with them down-payment and closing costs requirements as well as breakdown the monthly payments and reserve requirements for the different sales prices within their pre-approved amount.

 

At the completion of the analysis, a pre-approval certificate is issued with the ideal sales price, loan amount and program. At this point, your client will also have a clear idea of their estimated monthly payments and cash investment required to complete the purchase.

Because of this in depth first step of getting pre-approved, at the time your buyer’s offer is accepted, the process from approval to loan documents is short after receiving an appraisal report and complete escrow package.

Is the Pre-Approval just a guestimate until an underwriter approves the loan?

No, at Camino Real Mortgage Bankers we are serious about pre-approvals. The Senior Loan Officer designation means that the Loan Officer has gone through an extensive training process that involves underwriting classes, constant review of lending guidelines and extensive experience in closing loans that gives us the confidence that they know as much as an underwriter does.

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© Del Sur Corporation dba Camino Real Mortgage Bankers is an equal housing opportunity lender/ Company NMLS ID 228310 / Del Sur Corporation dba Camino Real Mortgage Bankers is licensed under the California Financing Law # 603C259, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act

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