Pre-Approval FAQ
1. Why must I be
pre-approved before you will perform a search?
Many Buyers will not consider
an offer from a potential buyer that is not pre-approved- because they do
not want to risk taking their house off of the market only to have an
escrow fall through. It is not unusual in today's
market for homes to be sold shortly after being put on the market-
sometimes, it has taken less than 24 hours for an offer to be presented
and accepted!
Imagine this: recently a local home (fixer upper) with an appraised
value at $330,00 sold for $250,000 to a buyer that was already
pre-approved and offered a seven day escrow! The owner did not want
to put any money into the home to make improvements, first time home
buyers were looking for a deal- and the quick escrow made the whole thing
fly!
2. Why don't you just show a
list homes for sale?
We provide online access to
listings at
http://www.midasrealtygroup.com/home_search.htm Potential homebuyers may
search this particular database for available homes, but Agents will have
access to additional "private" sources and "hotlists" not yet published.
3. Is there any obligation
to getting pre-approved?
You are under no obligation
once you complete the pre-approval form. A licensed loan officer will
evaluate your information and contact you with the analysis based upon the
information you have provided. You decide whether to proceed- and at
what pace.
4. How do I get pre-approved?
The first step is to complete
an online easy application with as much information as possible. We
do not request social security information and we do not run your credit
until we have a chance to speak with you. After we determine the
amount of mortgage for which you may qualify, a loan package is either
mailed to your home or delivered by one of our couriers. Simply
complete the forms in the package, gather the documents requested on the
checklist, and get the package back to our office either by mail, our
courier, or by dropping by. When qualified, you will get receive a
pre-approval letter within 24-48 hours!
5. What if I am already
pre-approved with another lender?
Indicate that you are
pre-approved on your House Hunter form and your personal Buyer's Agent
will contact you and will begin working with you to search for your home.
6. Can we visit your office to
apply?
Yes! Our office is
located in Anaheim, CA, and we welcome clients to stop in. To
expedite the process, give us a call first and we'll give you a list of
the paperwork we need in order to pre-qualify you. If you bring all
of your paperwork with you, we may be able to prepare a pre-approval
letter for you the same day!
7. I'm not sure I'm ready to
buy- or that I can qualify. What should I do?
Either apply online (there's
no obligation- and we don't run your credit) or give us a call toll-free
(866) 422-5342. We are always happy to answer questions or "run your
numbers" for you over the phone and tell you the amount for which you may
qualify.
Click on the link below to APPLY TODAY without obligation and a
licensed loan officer will review your information and discuss your
options with you!
