(310) 640-0100

The importance of Pre-Approval… THIS IS VERY IMPORTANT…

So often I will get a call on a Sunday from a borrower that I have briefly talked with on the phone about pre-qualification….  So pre-qualification is a phone conversation between myself and a prospective borrower…. or borrower goes to web site and fills out quick pre-qual form…  I ask a bunch of questions and then get his social security number and address to pull credit… and it gives us an overall good start on what a borrower can qualify for and then I can give borrower a good generalization about what product and rates they can expect….  The pre-qualification is great… a good start… but only a start… if they want to be in the best position on that Sunday to make and have an offer accepted on that great house that JUST came on the market… and there are multiple offers…..then going forward with the next step is crucial.

 The next step is getting pre-approved…  this involves either going to the secure applicaton section or downloading the loan application and forms…  filling them out as best as you can and signing the forms…  putting together your personal financials on the needs list form… and sending that into us to get your file set up…  we will then actually process and then pre-underwrite your file according to your wish ( price, down payment, loan type) …  and then issue a pre-approval…  why is this so important?  First, getting all this paperwork done upfront lessons the burden during the escrow period… second, when you go to make offers…  there can be 10 or more strong offers per good listing…  a buyer who already has their loan approved is much more likely to get an accepted offer… much more…  third, American Capital has been around for over 20 years…  most every agent in the land knows our company and our outstanding reputation…  a pre-approval from us is valuable… a large feather in your cap and I can tell you that thousands of buyers have had their offer accepted because we were their lender…… 

 So we ask our clients right up front to do their due diligence on the loan, the type, the rate, the cost… compare lenders…. interview them over the phone or in person… find the lender that best fits your needs, your personality… that is referred to you by someone you trust…  once you have found that lender, we ask you work with them solely to pre approve your loan, then once in escrow, to fund your loan.  It is a tremendous amount of work for both the borrower and the lender to do all of this…we are going to work tirelessly to take care of you and your loan… so we want to make sure if you choose us, we are the lender that funds your loan in the end.