Loan Approval Process

Loan Approval ProcessWithout qualifying for a loan, you won’t be able to enter the Ventura County Real Estate Market unless of course you are paying cash.

A Mortgage lender will want to know about your finances and job history. You will need to provide a mortgage lender with thorough financial information, such as record of employment, credit, asset and debt information for yourself and your spouse, if applicable.

You should know the difference between pre-qualified and pre-approved.

Getting Pre-Qualified is a simpler process than getting pre-approved, but is not a guarantee that you will get the loan you are hoping for.

Pre-Approval requires a more thorough financial information and credit history check and can help you determine what you can afford in a home. Pre- Approval is what you want to get from your lender before you look at homes.

Once you are Pre-Approved, the only thing needed before you are granted a loan is for the lending agency to know the price of the home and any inspection reports.

Assuming the home is within your budget and has no major detriments that will affect its resale value, you are good to go.

Read more at Freddie Mac

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