The importance of a
PRE-APPROVAL
IN TODAY’S MARKET
WE FINANCE THE AMERICAN DREAM
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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PRE-QUALIFICATION VS. PRE-APPROVAL What is a pre-approval? Pre-Approval is a detailed, high-resolution, picture of your credit worthiness verified by a full review of your income and assets by an AFN Mortgage Underwriter. All that’s left for final approval is a satisfactory appraisal, title search and no change in your financial condition prior to closing. Going through the pre-approval process helps prevent last-minute issues arising throughout the loan process. A pre-approval from AFN puts you and the seller at ease knowing you are financially capable of following through with the purchase of the home.
What is a pre-qualification? A pre-qualification is a snapshot, a quick review of your income and assets, that provides an estimate of how much house you might afford. While neither a pre-qualification nor pre-approval is a guarantee you have a loan, a prequalification doesn’t provide any real peace of mind since it is based on estimates and unverified information. *A pre-approval does not constitute a loan commitment or guarantee of a loan. A pre-approval is subject to satisfactory appraisal, satisfactory title search, and no change in your financial condition.
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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IMPORTANCE OF A PRE-APPROVAL An income based pre-approval from AFN offers a number of advantages that will make your search easier and negotiations more effective when you’re ready to make an offer. A pre-approval takes into account your income, debt and credit history to determine how much the lender is willing to loan you.
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Finding the right home at the right price begins with knowing what you can afford. A pre-approval based on your income and expenses gives you the home buying budget you need.
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With a pre-approval in hand you can shop with the confidence of a cash buyer for your new home.
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Your pre-approval will provide your real estate agent with the financial information they need to focus your search on homes that you can afford, saving you both valuable time.
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With pre-approval you’re able to make an immediate offer the seller will take seriously in a a highly competitive real estate market.
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The sooner you close, the sooner you can move in. Pre-approval means your loan application is already in process. Once your offer is accepted you and the seller can expect to save time and close the deal quickly.
*A pre-approval does not constitute a loan commitment or guarantee of a loan. A pre-approval is subject to satisfactory appraisal, satisfactory title search, and no change in your financial condition.
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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THE HOME BUYING PROCESS
Pre-Approval*
Begin Your Search
Now that you’ve chosen a lender and received your pre-approval letter, you are ready to select a Realtor and begin your home search.
Knowing what you’re looking for is critical when shopping for a home. Consider price, location, features, and style. Review your wish list with your Realtor and refine it as you begin looking at properties. Don’t forget to think about future, as well as current needs.
*A pre-approval does not constitute a loan commitment or guarantee of a loan. A pre-approval is subject to satisfactory appraisal, satisfactory title search, and no change in your financial condition.
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Selecting a Realtor To make the most of your search, you’ll want an experienced Realtor who knows the local market well. I’m more than happy to refer you to a trusted partner.
Provide Required Documentation I’ll provide you with a checklist of documents needed to approve your loan. Once I have these documents, I will submit them along with your loan application to our underwriters for final review and approval.
5 Lock in Your Rate & Select a Loan Program I will lock in your interest rate, so it won’t increase, for up to sixty days and review your unique needs and circumstances to determine the loan program that’s right for you.
% Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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Sign Purchase/Sales Agreement
Make an Offer When you find a home that meets all your requirements, it’s time to make an offer. Before you and your Realtor submit it to the seller, I ask that you share it with me as well.
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Loan Approval I will notify you just as soon as your loan is approved. We will determine a location, time and date for your loan closing.
Once your offer is accepted by the seller and you’ve received the results of the home inspection, you’ll be asked to sign a Purchase and Sales agreement and put down a deposit.
8 Home Inspection, Appraisal & Title Search Get a certified home inspection, and send me a copy of the report before signing a purchase agreement. A certified appraiser will determine the value of the home and a title search will be done to ensure there are no outstanding liens on the property.
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10 Walk Through and Settlement Before closing the loan, you will have a home walk through to confirm that any agreed upon fixes have been completed and the house has been left “broom clean.” At the Settlement, the attending attorney will review with you and have you sign all necessary loan documents. I will see to it that funding is provided and the seller will give you the keys to your new home.
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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THE LOAN PROCESS
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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PRE-APPROVAL OVERVIEW A Pre-Approval Gets You One Step Closer To Your Dream Home! Once you are pre-approved, you can make an offer with confidence. To summarize, here’s what you get with a pre-approval that you won’t get with a pre-qualification.
Shop With Confidence - Knowing the specific loan amount you are approved for through a lender allows you to search within your price range.
Fewer Obstacles - With a pre-approval in hand, you have the first step in financing your home out of the way, allowing you to focus on finding the perfect home. Once you find that perfect home, the pre-approval also reduces the possibility of losing the home due to obstacles that may arise throughout the loan process (that can be taken care of during the pre-approval process).
Credibility - Your pre-approval lets the seller know you are financially capable of purchasing the home and following through on your offer. Being a pre-approved buyer in a multiple offer situation could make you stand out above the rest. *A pre-approval does not constitute a loan commitment or guarantee of a loan. A pre-approval is subject to satisfactory appraisal, satisfactory title search, and no change in your financial condition.
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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*A pre-approval does not constitute a loan commitment or guarantee of a loan. A pre-approval is subject to satisfactory appraisal, satisfactory title search, and no change in your financial condition.
Contact me today for more information!
Eric Sheridan
Mortgage Loan Officer NMLS# 1572110 5575 Lake Park Way Suite 218 La Mesa, CA 91942 Direct: 949-235-9333 esheridan@afncorp.com http://ericsheridan.afncorp.com
EQUAL HOUSING
LENDER
Branch NMLS# 271716. American Financial Network, Inc. is licensed by the California Department of Business Oversight under the Finance Lenders Law License (603I415) and holds a CA Bureau of Real Estate, Real Estate Broker's License (01317581) under Nationwide Mortgage Licensing System (NMLS), unique identifier of 271716. Broker is performing acts for which a license is required. Loans made or arranged pursuant to California Finance Lenders Law. Refer to www.nmlsconsumeraccess.org and input NMLS #237341 to see where AFN is a licensed lender. In all states, the principal licensed office of American Financial Network, Inc. is 10 Pointe Drive, Suite 330, Brea, CA 92821; Phone: (714) 831-4000 (NMLS ID#237341). This is not an offer for extension of credit or commitment to lend. All loans must satisfy company underwriting guidelines. Not all applicants qualify. Information and pricing are subject to change at any time and without notice. The content in this advertisement is for informational purposes only. Products not available in all areas.
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