While most mortgage lenders offer a form of "pre-approval" for a loan, Mortgage California is one of the few lenders anywhere that can do an actual fully underwritten loan pre-approval. With our banker and broker business model, pre-approvals for loans are not conditional on multiple minutiae of a transaction.
It is difficult to overestimate the power of a real loan pre-approval and its role in a successful real estate transaction. Pre-approvals make the seller of a house more comfortable about the offer, and in a competitive market, this can make all the difference.
According to Bay Area Realtor Larry Miller of Coldwell Banker, standard practice in the area is that a loan pre-approval accompanies the offer on a home. When the pre-approval comes from Mortgage California, he is able to give the seller complete confidence that the buyer is, in fact, qualified and the transaction will be able to close. Not so with many other pre-approvals, which are not fully underwritten and thus are only worth the paper they're printed on.
"If a seller is looking at two different offers, they can feel much more confident with the Mortgage California one," said Miller.
The difference between the loan pre-approvals the real estate agent sees from other loan companies and from Mortgage California is the reliable commitment of the latter that the buyer does indeed qualify.
Looking over pre-approval letters from three diffferent companies, one of which being Mortgage California, Miller pointed out the extensive conditions on the other letters - one of which included more than eight conditions under which the"pre-approval" was not guaranteed.
"How much confidence can this give you?" asked Miller, in reference to the extensive conditions and lack of guarantees on one pre-approval letter.
A true pre-approval from Mortgage California gives homebuyers a huge competitive advantage when making an offer on a home, because sellers can be completely confident that the buyer is indeed able to purchase the home, speeding up the transaction and ensuring its success.