Category Archives: Otay Mesa Real Estate

Otay Mesa Real Estate News and Articles

Prequalified vs. Preapproved: Know the Difference!

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preapprovedThough the terms may sound similar they are in turn, very different. When a customer is prepared to buy a home they sometimes contact a lender about getting qualified to buy. Typically, the loan officer will pre-qualify the customer. Getting prequalified is simply giving your loan officer your financial picture either in person or over the phone. This includes your income, overall debts, and total assets. Then they come up with a loan amount you can qualify for. The key word there is “can”. The loan amount “can” change based on pre-approval. The pre-approval process is not only getting your financial information, but proving it with documentation and pulling a credit report to check creditworthiness. An underwriter has to take a look at all your documentation and credit reports and analyze it to decide if he or she will give the customer a yay or nay on the prequalified loan amount. Once pre-approved up to a certain loan amount, the customer can now shop comfortably knowing if they find a house within the price range, the deal can be done. If a customer shops for a house when they have only been pre-qualified, they can certainly be wasting their time looking at homes that are out of their reach in the first place. Then hearts are broken because you found the one house that is perfect for you…. BUT it’s priced too high. Lastly, having a pre-approved loan gives the buyer more leverage when putting in an offer. If a seller receives more than one offer and your offer is the only one with a pre-approved loan, then your offer is more likely to be accepted over another. No seller wants to wait for a buyer to be approved for a loan and then have it fall apart in the end. It is again a waste of time. So, remember, if you are serious about purchasing a home, getting pre-approved first is the way to go. It’s a great time to buy right now while interest rates are still very low and tax credits are still in place. Time is of the essence!

I look forward to being of service to you!

Lisa Morgan

(619) 410-7002

LisaMorgan@Homereach.com

About Otay Mesa Real Estate – South Bay San Diego

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East of Interstate 805 and south of Chula Vista, Otay Mesa San Diego real estate thrives as a predominantly industrial area. Although many major manufacturing facilities are housed in Otay Mesa, there is still a substantial amount of residental land. Real estate in San Diego Otay Mesa is projected to be home to around 32,000 residents. With a short drive from South Bay beach and Baja California, it is no wonder that many people look to Otay Mesa to reside. Easily accessible with State Route 125 and State Route 905, Otay Mesa attracts residents from all over San Diego County.

Otay Mesa Real Estate in San Diego Homes

Otay Mesa’s dedication to higher learning sparked a comunity project name Project Synergy. This project developed the Otay Mesa Higher Education Center, a 38-acre facility that includes a 50,000 square foot building and approximately 1,600 parking spaces. Providing a various amount of interdisciplinary curricular areas, the Otay Mesa Higher Education Center will service at least 10,000 students by 2010. Otay Mesa revels in its opportunities for its residents to find employment and to greater their education.

HomeReach is a great resource to find the homes for sale in San Diego real estate you need. Whether it is commercial, industrial, or residential real estate, our REALTORS® at HomeReach are here. Our agents are experienced in all fields of real estate and can guide you through the process of buying or selling real estate. Not only are our REALTORS® a great resource, our MLS search is beneficial in your search. Contact us for our expertise.