Getting pre-approved by a mortgage broker can be a major factor in getting your offer expected in todays’ Los Angeles real estate market. Preparing your first visit to your mortgage broker can make this approval process more efficient and less stressful.  After all, there aren’t many worst feelings then finding the perfect piece of Los Angeles real estate only to be told that nobody will finance the purchase. Even if your credit is good, and you know there will be no problems obtaining a loan, it is still an excellent idea to get pre-approved beforehand.

Failing to do so can make the end process feel as if it has come to a screeching halt. Plus, the pre-approval shows the seller that you are a serious buyer. It also gives the buyer some wiggle room to negotiate the price. So, don’t just dive into buying property head first. Instead, get pre-approved and be sure you land the Los Angeles real estate of your dreams.

Accomplish These Steps

1. Get All Of Your Documents In Order
It is good to be organized regardless of what you are doing. But, when it comes to mortgage pre-approval, the action ensures that the buyer has all of his or her ducks in a row. Having all of the paperwork together can make the process go a little smoother. Not to mention, it takes the stress out of searching high and low for documents at the last minute. Then, once you have found the right property, all you have to do is hand the papers over to the loan officer.

2. Make Sure Your Credit Is In Good Standing
Mortgage lenders do a check on your credit history during the pre-approval process. It is typically referred to as a tri-merge because the three major credit bureaus are involved. If you have outstanding loans and repossessions on file, you may want to consider having your credit repaired before visiting with the loan officer. This action will give you a better chance of being approved.

3. Applicants Need Various Types Of Proof
Lenders will want your employment verification, proof of income and assets, and more. They will need to see your driver’s license as well as your social security card. So, be prepared, and with any luck, the pre-approval process will go swimmingly and without any bumps in the road.

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