OBTAINING A PRE-APPROVAL

A lender's pre-approval is a limited-time commitment to fund your mortgage loan. A pre-approval may include an interest rate lock. To obtain a pre-approval, a lender evaluates your credit history, and calculates your housing and debt ratios. You should expect to verify your income, length of employment and source of down payment.

A pre-approval legitimizes you as a serious buyer. It also gives you additional negotiating leverage to negotiate a sale price, especially if the seller cannot find other pre-approved buyers.

When seeking a pre-approval, it's important not to misrepresent the facts on your application. If a lender learns later that you've misrepresented or omitted information on your application, your pre-approval may be rescinded.

As part of the pre-approval process, a lender obtains your credit report. You should be familiar with the contents of your credit reports from all three major credit bureaus:

Equifax	Experian	Trans Union
(800) 685-1111	(800) 658-1111	(800) 888-4213
www.equifax.com	www.experian.com	www.transunion.com

If a lender denies your pre-approval, you should investigate immediately. Without a pre-approval, your chances of obtaining a mortgage loan are jeopardized. If a lender bases the decision, in part, on information in your credit report, you have the right to receive a free copy of the report.

The above information is educational and should not be interpreted as financial advice. For advice that is specific to your circumstances, you should Contact us or Call us at (714) 657-7585 and our representative will help you fulfilling your real estate needs.