Compass

Get Pre-Approved

Does it Help to be Pre-Qualified by a Lender?

The pre-qualification process can be completed fairly quickly, based on less information than is required for getting pre-approved. While it is fast and it does help, a pre-qualification letter is an opinion from a lender of the maximum amount of real estate you can qualify for. In a competitive seller’s market, an offer from a buyer with a pre-qualification letter could lose out to a person who is pre-approved.

Get Pre-Approved by a Lender

There are several benefits to going the extra mile and getting a pre-approval letter. First of all, you will know exactly how much real estate you can afford. When you find a property you want to buy, your offer will be in a better positioned than someone less prepared. Finally, being pre-approved is more efficient; it reduces the amount of time it will take your lender to fund your loan. Be prepared to provide comprehensive documentation, which the lender may independently verify, including but not limited to:

  • Job and career status
  • Income
  • Monthly debt payments
  • Cash available
  • Total assets and debts
Reudy & Associates’ Blog
Gleaming penthouse in chic Remington high-rise

Step off the elevator and into this gleaming, chic and modern penthouse at the exquisite Remington. The expansive windows perfectly frame the glorious views of city lights and rolling hills from the ocean to the city. The main level features a two st... read more

Los Angeles Quarterly Market Insights Report (Micro): Q3 2019

We are excited to announce the release of the Compass Q3 2019 Los Angeles Quarterly Market Insights Report (Micro). This report highlights the prevailing trends shaping the market for each neighborhood. The report is now live and ready to share with ... read more

Spacious forest hideaway with separate guest/rental unit

Tucked away in the leafy world of Sleepy Hollow in San Anselmo, this masterfully renovated family home makes the most of its green, light-filled setting, with vast windows and five new Scandinavian ash decks surveying the canyon and rolling wooded hi... read more