In today’s competitive real estate market in Northern California, it’s not uncommon to make an offer on a property, only to find out that multiple offers have been submitted to the seller by other agents as well! Because of this highly competitive market, sellers and their agents will now only consider offers that are accompanied by a document representing “Proof Of Funds”. Proof of funds simply means that the buyer is showing the seller they will have the money to complete the transaction; whether it’s all cash, financing or some combination thereof. Therefore, if you’re getting a loan, you’ll need to be “pre-qualified” for your financing. Getting pre-qualified with a lender can be as easy as a 10 minute phone call. The mortgage lender will ask you questions about your income, credit history, debts and assets. They will also ask your permission to run your credit. Usually, just based on this conversation and your credit report, they can tell you the same day if you would likely qualify for a loan and for how much.
We work with many different lenders and can help guide you through the process of finding the right lender and loan type for the purchase you wish to make. Feel free to drop us an email or call us at (707) 928-1995 to begin the process.