Mortgage Lending in California | Realty Rx

What documents do I need to apply for a mortgage?
Plan to gather your two most recent pay stubs, two months of bank statements, and the last two years of federal tax returns. If you are self-employed, include profit-and-loss statements. Having these ready before your first meeting with your Loan Originator significantly speeds up the process.
How does my credit score affect my mortgage rate?
Your credit score is one of the most influential factors in determining your interest rate. Higher scores typically unlock lower rates and better loan terms. If your score needs improvement, your Loan Originator can advise on steps to take before applying.
How long does pre-approval take?
Pre-approval can often be completed within one to three business days once all required documents are submitted. The more organized your documentation, the faster your Loan Originator can move your file forward.
What is the difference between pre-qualification and pre-approval?
Pre-qualification is an informal estimate of what you might borrow based on self-reported information. Pre-approval involves a formal credit review and verified documentation, making it far more credible to sellers and real estate agents in competitive California markets.
Do I need to be pre-approved before touring homes?
While not legally required, getting pre-approved before your housing search is strongly recommended. It defines your real budget, speeds up your offer process, and signals to sellers that you are a serious, qualified buyer.