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prequalifyDo you plan to buy a home in California sometime soon? Will you need a mortgage loan to make it happen? If so, you’ll benefit from being pre-approved for a home loan, before you start the house hunting process.

Please contact our staff if you’d like to get started with your California mortgage pre-approval, or keep reading below to learn more about the process.

California Mortgage Pre-Approval Process

Being pre-approved for a home loan in California offers many benefits, and we’ve listed them below. But what is a pre-approval? What happens during this process? Here’s what you should know.

Pre-approval is when a mortgage lender reviews your current financial situation to determine how much of a home loan you can take on. The lender will look at your monthly income, recurring debts, and financial assets (among other things). The primary goal of this process is to ensure you are not taking on too much debt, with the addition of a home loan.

California mortgage pre-approval usually involves the completion of a standard loan application. Additionally, you might be asked to provide a variety of documents used for verification purposes. These documents include, but are not limited to, W-2 forms, tax returns, pay stubs, and bank statements.

Once you’ve been pre-approved for a home loan amount, you can then shop confidently within a certain price range. It’s the logical approach to house hunting.

Benefits of Being Pre-Approved by a Lender

Getting pre-approved for a home loan in California is sort of like being pre-screened by a mortgage lender. And there are significant benefits to this process. Here are some of the primary advantages of a California mortgage pre-approval:

  • You can narrow down the real estate market to those homes you can actually afford, saving time and energy.
  • You’ll have an easier time getting a real estate agent to help you. Many agents will only work with buyers who have been pre-approved by a mortgage lender.
  • Sellers will take your offer seriously, if it’s backed up with a pre-approval letter.
  • Sellers will be more inclined to accept your offer, when compared to someone who hasn’t been vetted by a lender.

As you can see, there are some good reasons to speak to a mortgage lender before you start shopping for a home. It’s the sensible approach to home buying.

Ready to Get Started?

Bridgepoint Funding has been serving home buyers and mortgage shoppers in California for more than 15 years. We offer a wide variety of loan products and programs, including FHA, VA and conventional. We can help you explore your mortgage options and possibly pre-approve you for a loan.

Contact us: Please contact our knowledgeable staff today to begin your California mortgage pre-approval process. You can also get a rate quote online using our simple web-based form. Call us at (925) 478-8630, or send an email to mtrejo@bpfund.com.

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