fill
fill
fill
Linda Hall
fill
818-790-6774
818-248-7988
Linda.Hall@
Dilbeck.com
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
fill
  • Be a Savy Buyer!
  • What difference does this make to you as the buyer?

    A pre-qualification letter is an opinion, typically offered by a loan officer based upon
    information usually given to the loan officer verbally.  Often the information is not
    verified and most of the pre-qualification letters have a statement like this: 
    “This opinion is subject to the information provided being verified, including income,
     assets and/or credit.”

     

    On the other hand, a pre-approval is a loan commitment.  It is a loan approval that is based upon

    documentation submitted during the application process and underwritten by someone who has

    underwriting authority.  The “pre” merely means that the applicant has not purchased a home yet. 

    Therefore, the commitment will be subject to these conditions:

    • A sales contract on a property
    • The appraisal of that property
    • Final selection of a loan program and locking in a rate

    In addition, all loan approval or commitments will have standard conditions such as a clear title

    and hazard insurance.

     

    I recommend that buyers start the home buying process by meeting with a loan officer

    at either a bank or a mortgage brokerage firm.  During this preliminary meeting, the buyers

    can ask a lot of questions and get a lot of answers.  The most important question is, “What price

    range home should I be shopping for?”  To answer this, the lending professional will need to

    know a few key things:

    • Your household income, assets & liabilities
    • Your FICO scores (credit scores) – with your permission, they can get this info
    • Figure out the maximum monthly payment you can afford and are comfortable with paying. 
      This will include the principal, interest, taxes and insurance.
    • Using the previous info…they can determine a list price range for you to give your agent.
    • Now the lending pro can provide you with a “Pre-Approval” letter based on the information
      they have obtained.  This letter can be submitted WITH the offer on the home that you select!
    • Now you can shop with confidence, knowing what price range you are qualified for and
      what the total monthly commitment will be.
    I highly recommend Nonie Velez, a lending professional from American Family Funding (a direct lender). 
    She is superb at what she does and responds back to you VERY quickly!  You can reach her at:
    Nonei Velez
    818-571-0408 mobile