Culture Mortgage
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Get preapproved

 

When you are looking to purchase a home and you need home financing to complete the transaction successfully, getting preapproved for the home loan you need is your first step.

Doing so will provide you critical information that may influence the decisions you make when buying your new home. You are also likely to gain useful insight into lender timeframes which is vital information to have when drafting offers and determining contingency requirements, the length of escrow, and the projected date of closing.

A typical preapproval will not take long to complete. If you stay on topic a skilled loan consultant can complete an application over the phone in five to ten minutes, and as soon as a credit report has been generated to accompany the application, your loan consultant should be able to tell you what you will qualify for and your borrowing limitations. 


While initial loan preapproval
can be a quick process, a true professional will take the time to review the details of your case and research any possible areas of concern he or she may have. The more information you provide to your loan consultant for evaluating your ability to qualify for financing the more thorough your loan officer can be, which means their final determination will be all the more reliable.

Along with completing the application, it is helpful to have supplemental paperwork available for your loan consultant to review. The more you are able to accomplish together now, the easier and simpler the formal loan process with the underwriter will be. Your should also be prepared for your loan consultant to run a credit report to generate your credit scores and payment history. If credit is a concern you should review our credit checklist and discuss your concerns during the preapproval process.

While you may not have everything your loan consultant needs for formal submission available at the time of preapproval, one document you will want to make available as early as possible are the required funds to close. By showing your loan officer proof of funds, they can include in their preapproval letter this fact: "the down payment and necessary funds to close have been sourced and seasoned." Listing agents appreciate this confirmation which makes your offer that much stronger.

Additional documentation that will be required for your formal loan submission should be supplied to your loan officer as soon as possible so they can confirm the information on the completed application. It will also position you for a quick loan submission as soon as you do find the right home and get into contract.

Formal loan submission occurs when you have submitted all of the necessary supplemental paperwork required by the lender's underwriter to make a formal loan decision. When an experienced loan consultant has prequalified you correctly, the final result is a formal loan approval. 

If you are in need of a preapproval we encourage you to give us a call:

831.325.6959

California Bureau of Real Estate License 01792241
NMLS License 523235


1649 Calavo Rd. Fallbrook, CA 92028
831.325.6959 Phone
866.321.5467 Fax
email@culturemortgage.com

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