CAL BRE #01329985
Serving Huntington Beach and surrounding areas of Orange County
Excellence, integrity, standing ready.
If you're a first-time home buyer, the financing and pre-approval processes can seem overwhelming and insurmountable so ensure you have Mike Rains, who is licensed in real estate finance, to help guide you through the process.
Pre-approval is what allows you to determine the total mortgage loan amount you qualify for, which is based on your income and debt. This allows you to calculate the monthly mortgage payment you can afford based on the overall approval amount.
Why should I get pre-approval before I even look at potential properties?
It is important to start the home buying process with as much information as possible, including the total amount you're able to spend on a property. Pre-approval allows you to avoid unrealistic expectations and make the most of your search by limiting your focus to reasonable options.
How long does the pre-approval paperwork take to process?
Assuming you have all of the necessary paperwork and required documents, the pre-approval process can take as little as 20 minutes.
Is it possible to get a result the same day as the application is submitted?
If the application is processed quickly enough, yes, it is possible to receive your pre-approval letter the same day and start making offers on properties.
What documents are required for a pre-qualification application?
With a background in mortgages and working mostly on a referral basis, Mike Rains has been assisting home buyers since 2002! From understanding why you need pre-approval to what items are required for application, our team can help with it all.
Mike Rains works with the following representatives for client pre-approval:
Your 2 most recent years of Tax Returns
Your 2 most recent months of all asset accounts (checking, savings, IRAs, 401ks, etc.)
Your 2 most recent pay stubs