Cesi Pagano & Associates

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Loan Prequalification

Before you begin your home search, it is essential to get pre-approved by a qualified lender. Pre-approval is crucial so that you know what price range you can search in. There are some key differences between being pre-qualified by a lender and being pre-approved by a lender:

  • Prequalification: This is based on the buyer’s information provided (verbally or by email/internet). Depending on the current market, a pre-qualified buyer will usually hold less clout than a pre-approved buyer when submitting your offer.
  • Pre-approval: This is when the buyer is approved for a certain amount after the lender has verified their credit, income, and financials. A pre-approval letter presented with an offer constitutes a stronger offer in the seller’s eyes.
  • Full Pre-Approval: An approval that is based on a full underwriting of the buyer – verification of income, verification of employment, all assets and debts assessed etc.  This will make your offer nearly as good as a cash offer.

There are three key factors to consider when determining how much you can afford:

  1. Down Payment – Talk with your lender about various programs they offer depending on the down payment you can afford.
  2. Ability to Qualify for a Mortgage – It is vital you get pre-approved while considering various tax rates, Mello-Roos, special tax assessments, and Home Owners Association dues.
  3. Closing Costs Associated with the Purchase – Your lender will discuss lender fees, including appraisal and loan processing. At the same time, Cesi Pagano & Associates will review with you any additional closing costs associated with purchasing a home. Typically, the total closing costs range between 2-5% of your mortgage loan.

When a lender pre-approves you, they will discuss how much you are comfortable affording monthly, and they will help predict your monthly PITI payment, which is the sum of four payments:
(P) Principle on the loan
(I) Interest on the loan
(T) Property taxes
(I) Homeowners insurance

Fill out the form below and get your prequalification moving forward today!

  • About you:

  • If there is someone else applying with you, please enter their name below:

  • Status:

  • Estimate your loan:

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    Please include the income of anyone applying with you.
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    (If self-employed, how long have you had your own business?)
  • Your current monthly housing costs:

    Please include the housing costs of anyone applying with you.

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    Please include the debts of anyone applying with you.
  • By supplying your contact information, you may be contacted by phone or email by the owner of this website or a member of their professional team.

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Contact

Cesi Pagano & Associates
Phone: (949) 370-0819
Email: Cesi@CesiPagano.com
Keller Williams Luxury International
Keller Williams Realty Laguna Beach

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Recent Posts

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Company Info

Cesi Pagano & Associates
27941 La Paz Road Suite #C
Laguna Niguel 92677
Phone: (949) 370-0819
Email: Cesi@CesiPagano.com

Cesi Pagano DRE 01043716                         
Keller Williams Realty DRE 01934115 

Recent Posts

  • The Top Reasons for Selling Your House
  • Wellness Trends That Will Keep You Recharged in 2023
  • Butter Rum Cookies
  • Orange County Real Estate Market Update January 2023
  • Want To Sell Your House? Price It Right.

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