Marti Kilby, CRS

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About Loan Pre-Approval

If you just logged in and started your home search, I’m sure you’re enjoying the fun of looking at all the possibilities and imagining yourself actually living in some of your dream homes. However, without a pre-approval letter your search will never get past the point of being a day dream. If you are serious about buying a home here are the steps you need to take, before meeting up with a Realtor to view properties.

  • About 14 months before you hope to begin your home search, check your credit for any negative or inaccurate items. The higher your score, the lower your interest rate. If needed, get professional help to resolve any credit issues. This is also a good time to pay down any revolving charges to less than a third of your available credit.
  • Find a lender. You might check with your current bank as often will reduce your interest rate if you have an automatic payment coming from your account. Also it is a good idea to check credit unions as they have low closing costs, or perhaps a mortgage broker who has the ability to shop for the best deal on your behalf.
  • Get a pre-approval letter, not just a pre-qualification. In order to do this, your lender will require thorough documentation including recent bank and stock statements, pay statements and tax returns. With all of this information your lender can get DU (desktop underwriting) approval which means that you definitely qualify for a certain dollar amount of loan.

Armed with your pre-approval letter you and your Realtor will know exactly what you can afford and you will be in a strong position to compete against other buyers.

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According to RESPA regulations, Steele Group Realty receives no referral fee or remuneration of any kind from any lender. Our referrals are based strictly on the past performance of these lenders in transactions for our clients.

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by San Diego Multiple Listing Service, Inc. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2024 San Diego Multiple Listing Service, Inc.