Pre-approved Home Loan in California
Category : Home Loan
While purchasing & investing money in residential, most people do not have ready cash to purchase the property. In such scenarios a buyer can secure a loan from bank or broker against the value of the property that need to be purchased, this is call as pre-approved loans. pre-approved loans are basically a process of checking the financial position and credit rating of the borrower in detail.
In-order to get pre-approval loan a borrowers may contact lenders and compare rates to select the best one to match with the financial requirements. Borrowers may examine credit, verify employment and annual salary, and they also check the borrower’s outstanding debts prior to pre-approvad. Borrowers’ assets are also checked before the approval of loan, to determine how much money borrowers may pay towards down payment. There are time when lenders wants to ensure that that borrowers are financially strong so they may also ask for the federal tax returns at the time of loan process.
Process of pre-approval takes about one week but it is suggested that borrowers should get pre approval well in advance. If borrowers get pre approval then borrower can get better services from sales agents.