Why you should get pre-approved - Having your loan pre-approved gives you more purchasing power when you find the right property. Prove that you have access to specific financing gives you the negotiating power of a "cash" buyer.

In addition, you can close in as little as 15 days compared to the average 60 days for those that are not pre-approved. Lastly, it saves you money by locking in an interest rate early for a faster closing and better rate.

Pre-Qualification & Pre-Approval - Pre-Qualification is an estimate of what a buyer might qualify for prior to actually submitting a mortgage application. Based on the unverified financial information you provide, the lender uses a quick calculation to arrive at a loan amount.

Pre-Approval means that the lender has verified your financial information and has actually committed money in your name for a specific loan type and amount. With today's technology, you can receive loan pre-approval in minutes. click here to get pre-approved now

How you get pre-approved - Real estate financing is available from many sources; our in-house lending partner, Concentric Capital, Inc. can get you pre-approved in minutes, in addition, Concentric Capital?s loan officers are California licensed real estate agents; they understand the process from both sides of the transaction.

The loan officer will carefully review your financial situation, including your credit report and other information. The lender will then suggest programs which best fit your needs. For example, a first-time buyer may qualify for state-backed mortgage programs with little money down and low interest rates, while a repeat purchaser (someone who has bought a home before) with more equity (money invested in the home) might want to get a 15-year loan and the lower overall interest costs associated with it.

Typically, first-time buyers opt for the traditional 30-year loan, with either a floating interest rate or a fixed rate of interest over the life of the loan.

Determining the right loan - When choosing a mortgage, it?s important that you know what down payment is required, what the interest and the annual percentage rates (APR) are, and the standard closing costs (and any extra fees the lender may charge and why). There are many different types of loans available, your lender should present you several options and be able to explain all the details.