Loans

7 Reasons Why You Should Get Pre Approved 

  1. Getting pre-approved tells you the maximum the lender is likely to loan you, which helps you narrow down your home search to affordable properties.

  2. You can get an idea of what your monthly payments would be.

  3. You'll have more credibility with real estate agents and with sellers if your loan is pre-approved. Some agents won't take you seriously until you have the pre-approval. They don't want to waste their time, or yours.

  4. Mortgage loan approval takes time. If you wait to apply until you're ready to make an offer, you could lose out on the home to someone who is pre-approved.

  5. The lender often will lock in an interest rate, which protects you if rates rise while you are shopping for a home.

  6. If your circumstances don't qualify you for a low interest rate, you'll know that going in. You might decide to look in a lower price range to make up the difference.

  7. Pre-approval gives you at least some peace of mind, which you will appreciate during the often-stressful process of buying a home.

 

Gathering All Documents

  1. W-2s from last year.

  2. Tax Documents from the Past 2 years.

  3. Pay stubs from the past 2 month.

  4. Proof of supplemental income (If Applicable).

  5. Bank statements from the past 1-3 months.

  6. Investment Account Statements.

  7. Credit Report. 

  8. Copy of Driver’s Licence. 

  9. History of Residence for the past 2 years. 

 

NOTE ON DOCUMENTS: Lenders may have different requirements and the list above are typical items needed when getting a pre qualification. Most lenders will run your credit when obtaining a pre approval and you can ask them for a consumer report if you would like to shop your loan. 

 

4 Items Need Before Searching 

  1. Pre-Approval letter

  2. The Desktop underwriting statement (DU)

  3. The Proof of Funds (POF) showing a balance for the initial deposit, downpayment, and closing costs. 

  4. The Good Faith Estimate for you loan (The break down of your loan)

 

Preferred Lenders

Below you will find a list of lenders my clients and I have worked with in the past. It's important you understand these are only referrals and you are not obligated to work with our preferred lenders, these are helpful resources. It is important to do your due diligence when choosing a lender and interviewing and asking questions.  

 

Mike Nunes - Se habla Espanol

Loan Consultant at GHI Mortgage

NMLS# 1860312

P: 909-815-1522

E: mnunez@ghimortgage.com

Alissa Samia Alvarez

Mortgage Advisor at Cardinal Financial Company

NMLS 272825

P: 562.972.0351

E: AlissaSamia@alissaalvarez.com

Melissa Ramirez - Se habla Espanol

Loan Originator at  Caliber Home Loans

NMLS# 1700045

P: 909-662-7521

E: melissa.ramirez@caliberhomeloans.com

Gordon Cooper

Loan Consultant at  New American Funding

NMLS# 255783

P: 626-347-4385 

E: gordon.cooper@nafinc.comTim 

Arnswald

Loan Officer @ Franklin Loan Center

NMLS #1349350

P: 760-218-0868 

E: tarnswald@franklinlc.com

Bryant Rueckner

Broker/Owner at  Encore Mortgage

NMLS# 1292229

P: 909-227-6290

E:bryant@encoremtg.com

The information contained, and the opinions expressed, in this page are not intended to be construed as investment advice. Alexander Ortiz and Sunset Homes Real Estate does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Alexander Ortiz and Sunset Homes Real Estate will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

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