If you in the market to buy a home in Los Gatos, you will be competing with cash buyers and very little inventory. So, it’s critical to have your finances in order prior to starting your search in Los Gatos. In fact, most buyers wrongly assume that because they anticipate a good FICO score, hey would have no problem finding financing after they have located a home.

But that’s putting the cart before the horse. In fact, most successful Los Gatos Real Estate agents will not work with buyers who has been Pre-Approved for a loan.   To generate a pre-approval Letter the lender will require:

  1. Complete Loan Application (Form 1003) including your Social Security numbers
  2. Provide Proof of Down Payment Amount
  3. Employment History including current Pay Stubs
  4. List of Assets you currently own
  5. List of Liability and your Monthly obligations
  6. Schedule of Real Estate owned
  7. Bank Statement for Proof of Funds for Deposit

Once this information is supplied to your lender, they can generate what’s called a Conditional Approval for purchase of your Los Gatos home.  This Pre-Approval letter will indicate the maximum Purchase price of a home that a buyer can qualify given their income and assets.

But  not all Pre-Approvals are created equal.  Pre-approvals from national lenders such Wells Fargo, Bank of America and Chase are preferred by some sellers since these banks have instituted stringent requirements for underwriting these purchase loans.  Once you are pre-approved you can Contact Us to help you find a home of your dreams.

[maxbutton id=”2″]