Real Estate Financing
The Importance of Mortgage Pre-Approval
Pre-Qualification
Pre-Qualification is an informal way to see how much you might be able to borrow for your new home. You can get “pre-qualified” over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. The lender will not make a commitment to lend to you based on this unverified information, but you will have a ballpark figure for how much you can spend on a house.
Pre-Approval
Pre-approval is a lender’s actual commitment to lend to you. The process involves assembling our financial records (checklist) and going through a preliminary approval process that can take up to a couple of weeks.
Why Get Pre-Approved?
Pre-approval provides you a definite idea of what you can afford and shows sellers that you are serious about buying. In addition to documenting your financial ability to close on a transaction, pre-approval shortens the time needed to close on a loan, and makes you a more attractive buyer for sellers who want a quick and efficient escrow.
Resources
Dave Aizenstadt, Residential Mortgage Group
30255 Tomas
Rancho Santa Margarita, CA, 92688
Phone (949) 766-4500
Fax (949) 766-4502
residentialmrtgage@sbcglobal.net
Quy Huynh, Wells Fargo
Title Home Mortgage Consultant
Wells Fargo Home Mortgage
19126 Magnolia Street #201
Huntington Beach CA 92646
Work Phone (714) 593-5070
Cell Phone (714) 856-9378
quy.huynh@wellsfargo.com
www.wfhm.com/quy-huynh
Steve Silvestri, Wells Fargo
Company Wells Fargo Home Mortgage
Work Phone (714) 593-5074
Cell Phone (714) 476-3000
Steven.E.Silvestri@wellsfargo.com
Jennifer Flannery, Western Resources Title
407 N El Camino Real
San Clemente, CA, 92672
(888) 743-0412
jennifer.flannery@yahoo.com
Tracy Young Scott, Coast Cities Escrow
Branch Manager/Sr. Escrow Officer
313 N. El Camino Real
San Clemente, CA 92672
Phone (949) 498-0777
Fax (949) 498-0707
e-Fax (714) 852-4182
tracyscott@coastcitiesescrow.com
Jeff Moore, Primary Residential Mortgage, Inc.
Title Mortgage Loan Officer
Primary Residential Mortgage, Inc.
9 Monarch Bay Plaza
Dana Pint, CA 92629
Cell Phone (949) 291-9093
jmoore@primeres.com
