November 9th, 2012 8:44 AM by Nathan Rufty
Home loans are usually secured against the property of the borrower. Majority of the people buying homes lack the funds or financial muscle that they need for the acquisition. This is what prompts pone to get a loan from a lending institution like broker or even a bank. However, this loan is taken against the property value one is intending to purchase. You can contact banks, brokers or even compare the home loan rates online in a number of California home loan sites.
Pre-approved home loan rates california are available. They can be obtained from lending institutions and is most recommended as they are best and the safest.
In order for you to get a pre-approved home loan you can contact the lenders and do some comparison of their home loan rates california. Lenders do check the financial position of all borrowers before they select the best and most suitable one. Consequently, they are advised to check the credit report/score, verify your annual salary and employment as well as if there are any outstanding debts prior to being pre-approved. Lastly, the assets will be checked to determine the liable down payment you can make.
There are other lenders who need the borrowers to be strong financially. This can be determined from the tax returns, profit and loss statement, and corporate returns and borrowers purchase agreement. If you are divorced, then you will be needed to provide a copy of the divorce papers.
The pre-approval process can take a week. However, it is highly advised that as a borrower you get the pre-approval in advance so that it does not inconvenience the purchase. With a pre-approval, it is certain they you will get a much better service from many sales agents.
Consequently, you should compare home loan rates california quotes rates from various lenders. This will help you in getting the best deal which will be of great benefit to you. Moreover, you should spend a great deal of your time verifying the credential of the lenders before going a head with the process.