A Pre-Qualification can come in many ways, and whether you are buying a car or buying a house it means the same thing. This means that based on what you TELL the Lender, and based on the Lender's guidelines, you are PRE-QUALIFIED to receive a loan. This Pre-Qual letter means NADA! and may cause your offer for that coveted home to be brushed aside and will never be taken seriously by a Seller or their Agent.
What every buyer needs BEFORE they begin their home search, is to be PRE-APPROVED by a Lender. The difference is, a Lender will request, at the bare minimum, 1 month's worth of check stubs, 2 months bank statements (Showing your Down Payment, Closing Cost monies and Reserves, if needed), and your W2's for the last two years. The Lender will also request your approval to run your credit. This process, and only this process is how you are PRE-APPROVED for a home loan. This PRE-APPROVAL, which in most cases, last for roughly 90 days, will give you, the buyer, a range of a purchase price as well as give you an idea of how much you can afford. Many buyers have an idea of how much they think they can afford or want to pay per month, but sometimes their wants may not coincide with the Lender.
Please take a few moments before you search for your home and get PRE-APPROVED by a Lender. If you need help locating a Lender, Aaron Roberts and Associates will be glad to assist you.
As always, we know you have a choice when it comes to Broker representation, but we hope you choose Aaron Roberts and Associates for your next Real Estate Sale or Purchase.
Aaron L. Roberts
CA Dept. of Real Estate-Broker Lic. #01172649
9107 Wilshire Blvd., Ste 450
Beverly Hills, CA 90210
Beverly Hills, CA 90210
877-536-1700 Office
323-216-0165 Cell
310-933-4147 Fax
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