California and Nevada Home Loans

In Business since 1985, Accelerated Funding offers FHA, VA, and Conventional Fixed and Adjustable Rate Loans for Purchase and Refinance transactions.

CA Broker License No. 00546531
NV Broker License No. 198
NMLS License No. 258135

For a free consultation with one of our experts complete the form below
or call (800) 420-2274

Pre-approval or Pre-qualification?

Although you might have a great credit rating and a good job and know you will be accepted for a mortgage, it is much better to apply and get pre-approval than to simply be pre-qualified. Pre-qualified simply means you are eligible to apply for a mortgage loan, but does not guarantee the amount that you will receive. Getting a pre-approval letter will tell you exactly how much you will be allowed to borrow. As long as your circumstances do not change, this amount is guaranteed.

More Negotiating Power

If you have pre-approval on your mortgage loan, then you will be seen in the same way as a cash buyer. You already have the funds in place, so the seller is more likely to accept an offer immediately, even if it is below the price estimate. This is because they can be more certain that their house is sold, and so take it off the market pending the close of sale.

Quicker sale closing

One of the lengthiest parts of house buying and selling is the closing of the sale. If you have agreed to buy a house but do not have a mortgage in place, then it can take time to arrange the funds, and you might even find that you cannot get the funds you need. However, if you have pre-approval the funds are already guaranteed, and you can push through the transaction much more quickly. This will make buying a house much less stressful, and help you to get the home you really want.