Brent Bruce's Mortgage Insights

Why should I be PREAPPROVED?

People often say to me, Brent, I am looking to buy a house, but I do not know where or how to get started. The answer is to be preapproved through a competent and trustworthy loan officer. Let me take a moment to describe what preapproval is, why it is so important, and how to go about the simple process. This should give you a good idea as to why you should hurry to be preapproved!

What is PREAPPROVAL?

When I am talking to future home buyers they often have similar questions. How much house can I qualify for? What is the home buying process? What will my payments be? What interest rate do I qualify for? How much money do I have to put down? These are all questions that are answered during a quality preapproval.

Preapproval is the process of completing a loan application, and explaining your current financial situation to your loan officer. We should talk about your goals and expectations. We will review your credit report, income, assets, and liabilities. I will compile all of this information and explain the terms and conditions that you qualify for. I will be able to give you a ballpark figure of your monthly payment, down payment, maximum purchase price, and interest rate.

The preapproval appointment will be completed with you receiving a preapproval letter as well as an accurate Good Faith Estimate that provides a list of all of the fees you should expect in completing your home purchase.

Why do I need PREAPPROVAL?

In today’s home buying market, preapproval is mandatory. Sellers will not consider an offer that in not accompanied with a valid preapproval letter. Notice I say preapproval, not prequalification. Preapproval is what they expect. This is because prequalification is based on verbal figures while preapproval is based on verified figures.

While our housing market is still slow overall, there are some areas that are very hot. When houses are priced correctly they are being snapped up within only hours. Home sales numbers in the Southern California area up substantially. When shopping for a home you must have a preapproval in your hands, ready to make an offer immediately, with the confidence that you already know what the payment will be, down payment will be and that you will qualify with the bank. That is the significance of the preapproval.

How do I get PREAPPROVED?

As important and informative as preapproval can be, it is really quite simple to do. Just schedule a preapproval consultation with me by either giving me a call at my office, or by filling out an online application at www.brentbruce.com Once we have completed the appointment I will send you a list of documents that you will need to fax to me for verification. At that point I will send you your Preapproval Letter, Good Faith Estimate and any other information you request.

From then on you can always give me a call with any questions or concerns. My main goal during our preapproval process is to answer any and all of your questions so that you will feel comfortable and informed about your new home mortgage.

I can become very booked up so do not delay. Give me a call, email or start on your online application so we can schedule our consultation.

I look forward to seeing you in your new home!

Brent C. Bruce

Branch Manger – CMPS
Allied Home Mortgage Capital Corp.
Rancho Cucamonga, CA
909-463-4750
brentbruce@brentbruce.com
www.brentbruce.com