What is "Pre-Approval"?

 

Getting pre-approved for loan means that you have met with a loan officer who has reviewed your credit files and qualifies you for a given loan amount with a specific mortgage loan.  Once approved, a Pre-approval letter is given to show sellers your borrowing power. 

 

 

What Items are reviewed to get pre-approval?

 

Here is a list of qualifications that will be reviewed:

 

• Proof of Income - borrower need to show W-2 statement from the past two years, recent pay stubs, proof of any additonal income, and tow most recent years of tax returns.

 

• Proof of Assets - Present a current bank statemnet and investment account statements to prove that you have funds for the downpayment and closing costs and cash reserves. 

 

• Good Credit

 

• Employment Verification - Lenders today want to make sure they are loaning to borrowers with a stable employment.

 

• Documentations

 

For more information on getting pre-approved, call us at (818) 262-4000 or (818) 968-5382.  You can also sumbit the 'Request A Loan' form or scroll to the bottom of the page to send an email.