by Sergio Musetti on 08/25/13
August 25, 2013
People often believe that pre-qualifying for a loan or being pre-approved for financing mean the same thing. However, pre-approval entails making a stronger commitment to a buying a property, albeit tentative. Pre-qualification is simply the step you take before you conduct a real estate search to see how much house you can afford to buy. To pre-qualify for a loan then, you need to sit down with the lender and provide him with your income and debt information and an estimated down payment amount. Pre-qualifying helps get the ball rolling when you are looking for real estate.
On the other hand, when you apply for pre-approval, you must provide the lender with documentation that details your salary, debt load, and assets. While the process of pre-qualification is free, an application fee is assessed for pre-approval. Your credit information will be run as well.
However, just because you obtain pre-approval still does not mean that you can automatically obtain financing. Funding will only be officially approved once a title search is conducted and an appraisal on the property is made.
That's where we can help. If you are serious about buying a house, contact our company today. You can obtain further details by phoning us or visiting us online. We look forward to helping you realize your real estate dreams.
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Darin Marquardt, Mortgage Consultant
Big Valley Mortgage
Senior Loan Officer, DRE License #01201281 | NMLS # 247350
Darin Marquardt has been a Mortgage Consultant / Senior Loan Officer for more than fifteen years helping thousands of families obtain their mortgage financing goals. He has a strong passion for real estate, and enjoys working with, and educating, everyone from first-time buyers up to real estate investors seeking creative financing. He especially enjoys supporting and helping real estate agents in their desire to build their businesses in the Elk Grove and greater Sacramento community. Darin has been a Sacramento real estate professional for more than 10 years, with his lovely wife, Wendy, daughter Morgan, along with two horses, two dogs, a cat and a pond full of fish. In his spare time he enjoys working outside with animals and in his gardens, tackling small remodeling projects, and working on classic cars. Darin specializes in conventional, FHA and VA financing and takes pride in providing efficient, courteous and on-time performance. He works diligently to provide clients with the optimum home loan for their specific needs, and looks forward to helping you or your friends and family in the years to come.
BRE #01201281 | NMLS #247350
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