The pre-approved mortgage process gives a home buyer an edge over other buyers
Los Angeles, CA / With about 90 percent of the homes on the market getting multiple offers these days, having a pre-approved mortgage gives a buyer a distinct edge over other buyers who don’t have financing in hand.
“It makes a major difference,” said Cynthia Rockwell, a 20-year veteran in the mortgage business. Ms. Rockwell is a senior loan officer with US Bank in Los Angeles. “When a buyer has the paperwork in hand saying, ‘mortgage pre-approved,’ the sales process will move much faster. The seller knows the buyer is serious. The seller also knows a mortgage professional has reviewed credit and income information and verified the borrower’s down payment and guidelines for the transaction.”
Going through the pre-approved mortgage process also lets the buyer take a close look at their finances. This is good information to have at any time, she said.
“A first step to buying a home is the mortgage planning process. A monthly spending planner is a good way to get started. I closely evaluate the borrower’s needs, qualifications and the monthly housing budget. I pair this with available financing options. Now my clients can make an informed decision,” she said.
A pre-approved mortgage means the bank has already checked on the buyer. Now the buyer, can look for their new home with financing in place.
“This brings peace of mind. The buyer also has a professional to support through the process,” she said.
Mortgage approval is one the reasons it takes a bit for a home sale to close. The lender has to gather information on the buyer, review that and make a decision. While this is going on, the lender is also looking at the value of the house and the title. All this has to be put together and examined at the same time, she said.
For Ms. Rockwell, the mortgage process goes beyond setting up the paperwork. Once escrow is opened, she makes sure the closing happens as rapidly as possible. That’s important, she said, because people don’t need to wait to move into their new home.
For more information about the pre-approved mortgage process and Los Angeles residential loans, visit https://www.linkedin.com/in/cynthiarockwell or call Ms. Rockwell at 310-467-5187.
ABOUT CYNTHIA ROCKWELL - Cynthia Rockwell has been in the mortgage industry for more than 20 years. She specializes in 1031 exchanges and Construction loans
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