Tuesday, February 26, 2013

How to Get Prequalified for a Home Loan


In today's fast paced real estate market if you are not paying cash, the first step to purchasing a home is to become preapproved for a loan. In order to obtain preapproval you must contact your local lending institution or bank.

To obtain a preapproval letter you must provide the lender with
  • Two years of W2 statements (or 1099 income statements)
  • Two years of Federal tax returns
  • Bank statements dating back a few months
  • Pay stubs or other proof of income 
Once you provide the lender with the information they requested, you will be given preapproval in the form of a letter for a certain amount. Now that you know your preapproval amount you know what you can afford to spend on your home or condo!

Please feel free to contact me at (310) 625-5902 or JasonLing@RodeoRE.com if you have any questions or are interested in leasing or purchasing a house, condo or commercial property. I would be happy to provide you with a list of available properties at no cost and help you set up appointments to view the properties.
Click the "Search Homes For Sale" tab above to search the MLS (updated live) for properties for sale and for lease in the greater Los Angeles and Orange County areas!

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