It is important to us that you understand your options and why Gold Certified is your best choice. There are significant differences between obtaining a Gold Certified Approval, a pre-approval or a pre-qualification. These differences can drastically change the weight of your offer to a seller as well as your risk as a buyer.
Gold Certified by First Cal’s credit approval gives you a major advantage in the home buying process. First Cal’s credit approval process includes an assessment of your financial information by experienced First Cal underwriters. When you’re done, you’re credit approved for a mortgage at an amount that’s tailored for you. Now you’re ready to start your home search. The goal of the Gold Certified approval is to provide assurance to the potential seller that you have solid financing in place with only the approval of outstanding property related items.
First Cal pre-approval includes an Automated Underwriting System (AUS) analysis of your credit, income and asset documentation. It is based on non-verified information and is not a commitment to make a loan. Loan approval will be subject to, but not limited to, verification of all income, asset and liability information, satisfactory property appraisal, loan program guidelines, and all required closing conditions. A pre-approval is not underwritten by a formal underwriter and most information has not been verified.
First Cal pre-qualification is based on non-verified information and is not a commitment to make a loan. Loan approval will be subject to, but not limited to, verification of all income, asset and liability information, satisfactory property appraisal, loan program guidelines, and all required closing conditions. Getting pre-approved or pre-qualified only estimates the size of the loan you’re likely to be approved for. After meeting with your First Cal Loan Advisor, you will know what to expect before deciding to go through the application process.
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*If a closing comes with less than 21 days the appraisal WILL be ordered on a rush and the appraisal cannot be refunded or cancelled.