2007-01-12 02:28:12 - The search for Rancho Cucamonga California real estate is easier with free mortgage pre-approval letter.

Finding Rancho Cucamonga California Real Estate is much easier with a free mortgage loan pre-approval. A pre-approval lets you know the maximum mortgage amount obtainable.

With a home loan pre-approval letter, real estate agents in Rancho Cucamonga California are more inclined to work with you, and only show properties in the specific price range of the maximum mortgage.

Sellers and listing agents for Rancho Cucamonga real estate also take an offer more seriously if the home mortgage loan is already pre-approved.

Many first time home buyers confuse being "pre-qualified" with "pre-approved." Pre-qualification is a casual process, where the potential buyer how much may be borrowed based on income, existing debt, and cash down payment.

A pre-qualification may be a form letter or personalized, but will contain disclaimers to protect the lender in case the borrower fails to qualify. Some real estate agents feel that pre-qualification letters say little more than you have contacted a mortgage company. Before a lender will make the loan on Rancho Cucamonga California real estate, a formal loan application will be required.

In contrast, pre-approval letters have far more validity and indicate to the seller that the borrower has passed the credit check and have preliminary loan approval. To obtain pre-approval letter a formal loan application is submitted with all the relevant documentation. Everything is verified and credit is checked, then the lender agrees in writing to make the loan. The loan will be subject to a satisfactory property appraisal and title search.

A formal loan application process is an eventuality, so we recommend obtaining a loan pre-approval in advance of searching for Rancho Cucamonga California real estate. By doing so, you avoid any disappointment of making offers outside of your price range, and get far more cooperation from agents and sellers because they will feel that their time is not being wasted.

For more information on obtaining a pre-approval for Rancho Cucamonga California real estate please call 866 398 4664 or go to: www.goldmedalmortgage.com/Mortgage_Pre_Approval