Urgent Homebuyers Alert: Take Control of Your Los Angeles Home Search Today, with This Comprehensive Guide to Mortgage Pre-Approval


If you’re looking to buy a home in Los Angeles, there are several steps you can take to be prepared and be able to buy the home you absolutely desire. One of the most critical steps is getting pre-approved for a mortgage.

The Difference Between Pre-Approval and Pre-Qualification

You may hear different terms regarding the steps you can take before you make an offer on a home or receive a mortgage loan. 

Pre-qualification isn’t as in-depth a process as pre-approval. If you are pre-qualified for a mortgage loan, lenders will do a “soft pull” of your credit score to see where you fit in the credit spectrum. With your financial data, lenders can usually give you a rough idea of the loan size you can qualify for and offer a pre-qualification letter. 

Mortgage pre-approval is a more in-depth process. You need to provide documentation of your income and other financial information. The mortgage lender will formally request your credit score, also known as a “hard inquiry.” They will respond with a pre-approval letter containing much more detailed information and a more accurate idea of the amount of home loan you can obtain.

What Do You Need To Get Pre-Approved For a Mortgage?

You should collect the following documents to provide to your mortgage lender:

  • Proof of income, which can include paystubs, self-employment documentation, and tax returns.
  • Proof of assets can include bank statements and other financial or property account documentation.
  • Credit score and credit history.
  • Verification of employment.
  • Valid government-issued identification

The mortgage lender will also look at your debt-to-income ratio. If you already have other debts, these will be factored into your pre-approval.

A mortgage pre-approval letter will help you to know how much home you can afford. It places you in a much stronger position when looking for a home to buy in Los Angeles. California Platinum Loans works with numerous lenders, including banks, non-banks, other institutional lenders, private money lenders, hedge funds, private equity, and some hard money lenders. California Platinum Loans can help you get the right type of mortgage pre-approval when the time is right.