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For Homebuyers who plan to finance their home acquisition through a loan institution, getting a loan approval from your lender prior to beginning your home search will give you peace of mind. It will let your agent know what price range to stay within when selecting homes for your consideration, thus saving you and the agent precious time. You will also avoid potential delays once you are ready to present an offer. This could be the difference between getting your "dream home" and missing out on your "dream home".

There are two types of loan approvals:

PRE-QUALIFICATION LETTER - (recommended for those who are just thinking of buying, or are sure they won't be buying for 6 mos. or longer)

  • You can usually obtain this by telephone with a lender.
  • A loan officer will ask about your income, assets, debt and projected down payment.
  • Within just a few moments, you will have a good idea as to how much a lender would likely loan you and the types of loans available to you.
  • The lender does not require a credit check or verification of claimed income and assets, therefore, it cannot be used when presenting an offer.
  • The primary purpose for a pre-qualification letter is help define what priced homes you should be looking at, and how much you may expect to come up with for a down payment.
  • Most lenders will provide this service for no charge.

PRE-APPROVAL LETTER - (No offers are submitted without this. Serious buyers need this!)

  • You must provide verifiable documentation regarding your income, assets and debt.
  • You must give the lender permission to obtain your credit report.
  • The lender will then provide to you, a written good faith estimate (GFE), which includes the loan amount and terms in which they would offer you a loan.
  • A pre-approval letter gives you credibility with listing agents and sellers; a serious buyer who has already lined up your financing.
  • You will know what priced homes to spend time looking at, and will be ready to make offers.
  • Obtaining a pre-approval letter from a lender does not commit you to get a loan through them, nor does it commit the lender to write you a loan.
  • You may be charged a fee at the time of appointment.

For more specific information and conditions to obtaining a loan, contact your lender. If you don't have a lender, may I suggest you visit the Affiliated Partners page of my website and contact one of the listed lenders of choice.


Marie Little of Newport Beach, California
Marie Little
Mobile 949.697.6653
Fax 949.548.1994
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CalBRE Lic. # 01506191
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