Get Pre Approved for a Home Loan in Southern California
Are you a first-time homebuyer or looking to upgrade? The experts at Arbor Home Loans can turn your dream home into reality.
Purchase Home Loan Checklist
- Get pre-approved by Arbor Home Loans to see how much borrowing power you qualify for first.
- What is your down payment?
- Determine your loan type (conventional loan, FHA loan, VA loan, etc.).
- Property address.
- How many months of reserves are required?
- Is the home loan for a primary residence, second home, or investment property?
- How will you be documenting your income?
- Is secondary financing needed?
- Do you qualify for down payment assistance?
- How much home can you afford?
- Are you a first-time homebuyer?
Difference Between “Pre-Qualified” and “Pre-Approved”
Pre-Qualified:
This is the first step in the home buying process and determines how much you can borrower. This process involves answering questions about income, assets, liabilities, credit score, investments, type of property you’re interested in purchasing, and how much you’re looking to borrow. The lender doesn’t verify the information provided. Getting pre-qualified is meant to give you a picture of how much home you can afford.
Pre-Approved:
Your credit report is pulled and documentation including bank statements, W2’s, 1099s, pay stubs, and tax returns are submitted. The lender will review the documentation to determine how much you’re approved for, and the interest rate offered. The lender will often issue a desktop underwriting (DU) or Loan Prospector (LP) approval. The pre-approval process is preferred and makes your homebuying process much easier. Sellers often take offers from prospective homebuyers more seriously from those that are pre-approved than buyers who aren’t.
What Is a Purchase Home Loan?
The purchase home loan, also known as a mortgage, is a long-term loan from a financial institution that provides the purchasing power needed with the home itself serving as the collateral. When you receive a purchase home loan you agree to pay back the lender with monthly mortgage payments that include principal, interest, and all fees obtained through the process. As the buyer you will make the required down payment on the home and the lender pays the difference between the down payment and the total sales price of the home.
First-Time Homebuyers
You may qualify for down payment assistance programs, grants, closing cost assistance, penalty free IRA withdrawal, or fixer-upper financing known as FHA Section 203 (k) loan.
Contact your Arbor Home Loan expert for your purchase home loan today!
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Arbor Financial Group. NMLS Entity ID #236669. DRE #01845041
Licensed In: CA, FL
Copyright © Arbor Home Loans 2024. All Rights Reserved.
NMLS 1206543 & DRE 02128292
Arbor Financial Group. NMLS Entity ID #236669. DRE #01845041
Licensed In: CA, FL