After a couple hundred hours searching far and wide for this perfect home, you find it! It’s everything you hoped and dreamed of for so long. After scrounging up the courage to make an offer you head to the bank to obtain your loan.

After the bank processes your application, they call. Your loan application has been denied.

Your dream just turned into a *nightmare*! How could this have happened?

What could you have done to prevent this from wrecking havoc in your life? If ONLY you had gotten pre-approval from a bank before beginning the search for your dream home.

Getting pre-approval from a bank or other financial institution is imperative before beginning the search for a home. It is important to understand the price range you’re able to afford and specific aspects of your financial situation that may determine your eligibility. When you make an offer on any property a pre-approval or pre-qualification letter also gives you more opportunity to negotiate the price with the seller.

Below are explanations of two different types of “pre” letters that can be obtained from a bank or other financial institution:

· Pre-Qualification letters are given as informal and tentative approvals for buyers. The financial institution issuing the letter would have taken information regarding the buyers’ financial situation in order to determine eligibility; however, they would have NOT verified the accuracy of the information. Since the financial institution would not perform a credit check of the buyer at this point they are in a position to withdraw their approval if additional financial (or other significant) factors are later uncovered. There is no charge to obtain Pre-qualification letters.

· Pre-Approval letters are formal agreements and offer buyers’ a guarantee of loan approval for a specific amount. The financial institution issuing such a letter may or may not charge for this service. They will verify credit history, employment status, assets and liabilities to help determine the amount of credit they are able to offer. If you are a serious buyer, this is the suggested “pre” letter to obtain. Keep in mind that even with a pre-approval letter, your bank may deny the loan on the specific house you wish to purchase. As one example, banks will deny the loan for a specific property if the appraisal is significantly less than the sale price.

Factors That Determine Loan Approval – Find out next what factors are considered when determining your eligibility for a loan and the specific amount a bank will be willing to offer.

Quick Loan Qualifier

Please provide the following information in order for us to begin the process of loan approval. Note: your information will not sold or transferred. It will be given to our team of friendly lenders who will contact you to discuss your financial situation.

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Disclaimer. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale, or rental. Properties are listed for sale by all of the Orange County real estate companies. We are able to show you any home listed for sale by any real estate company.

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