California Home Loan Pre-qualification vs. California Home Loan Pre-approval

"How do I know what price range to look in," and "how do I make sure my offer is accepted?"

These are two of the most commonly asked questions from first-time and experienced homebuyers alike. One of the best places to start is by getting California home loan pre-approval by a lender upfront in the process. Not only does home loan pre-approval give you peace of mind knowing your price range is already pre-approved by the lender, but home loan pre-approval strengthens your position at the negotiating table, especially in a multiple offer situation.

Some lenders offer California home loan pre-qualifications and California home loan pre-approvals. Here’s the difference:

• Provides a "ballpark" estimate of your buying power
• Is based on summary information you provide on your income and assets
• Requires satisfactory review of property, financial documents and program requirements to issue final approval
• Is offered by most lenders

• Provides proof to real estate agents and sellers that you're pre-approved for a specific loan amount
• Is based on verification of your income, credit and assets (in some cases, verification may not even be necessary)
• Requires a satisfactory appraisal and title review and no change in financial condition for final approval
• Is offered by us at no cost as a service to you before you find a home