Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team

Rudy L. Kusuma
Rudy L. Kusuma
DRE# 01820322

Don’t Skip Getting Mortgage Pre-Approval to Buy in Azusa

Wondering if you need mortgage pre-approval to buy in Azusa, CA? Mortgage pre-approval technically isn’t required, but it’s highly recommended. In fact, many realtors won’t take you on as a client until they see you have pre-approval– not just pre-qualification.

In this post, our realtors at Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team will discuss pre-approval vs. pre-qualification and the benefits of getting mortgage pre-approval.

Mortgage Pre-Approval vs. Pre-Qualification

Many home buyers aren’t sure whether they need to get mortgage pre-approval, mortgage pre-qualification, or both. 

Similar to mortgage pre-approval, pre-qualification is also optional. It shows that you meet a lender’s requirements for a mortgage based on self-reported financial information.

To start the process, you’ll share relevant financial information with the lender. Based on that information, the lender will give you a letter that shows which type of loans you may qualify for and how much you can expect to borrow. 

However, it’s important to note that this isn’t a promise you’ll receive this loan amount– it’s essentially an estimate.

This is why mortgage pre-approval is often the next step in the process. Pre-approval takes things a step further because the lender will go through the work of verifying your financial situation. 

You’ll need to provide them with various financial documents that show your credit history, income stability, debt-to-income ratio, and more.

This process takes longer than pre-qualification. But once you have pre-approval, you’ll know exactly how much you can borrow. You’ll also know your interest rate and closing costs, which can help you create a better budget.

Benefits of Mortgage Pre-Approval

Pre-qualification is best if you’re early in the home-buying process and want a rough idea of the mortgage you could get. But you could skip pre-qualification altogether and move straight to pre-approval if you want more than an estimate.

Pre-approval is beneficial because it puts you in a better position with potential realtors. Many realtors won’t schedule showings until you have a pre-approval letter because it shows you’re serious about purchasing.

Similarly, pre-approval shows home sellers that you have serious intentions about buying their home. This will help you stand out from the sea of other buyers and may be the deciding factor in the seller choosing your offer.

Most home sellers want to sell their homes fast so they don’t linger on the market. For this reason, an offer still conditional on financing will drag out the process as the seller waits for you to secure a mortgage.

Even worse, you could find out you don’t qualify for a mortgage big enough to afford the home. 

Pre-approval removes these concerns. The seller knows the deal will close fast, and you don’t have to worry about any last-minute issues while securing financing.

Get Mortgage Pre-Approval to Buy in Azusa With Our Team

If you want to get mortgage pre-approval to buy in Azusa and Pasadena, you should start by working with an experienced realtor. At Your Home Sold Guaranteed Realty - Rudy Lira Kusuma Real Estate Team, we’ve been serving the Azusa housing market for years and have created a network of trusted lenders we can refer you to.

We’ve helped thousands of home buyers find their dream homes in the area and know we can do the same for you. Our extensive database of listings in Azusa makes it easy for you to find the perfect home and make an offer before other buyers.

In addition, our unique buyer guarantees, such as our Buyer Cancellation Guarantee and Buy it Back Guarantee, make the home-buying process risk-free.

To learn more about working with our team, give us a call at 626-789-0159 or fill out the form below.


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