1. “ Prequalification and Conditional Approval” October 21, 2010 Patrick Brock Mortgage Loan Officer Bank of America Home Loans 626-253-3944 (cell) [email_address]

2. Mortgage Prequalification and Conditional Preapproval Why should a buyer get prequalified/ conditionally preapproved for a mortgage before they begin their search for a home?

3. Because there are 3 people who will benefit from that preapproval: The Buyer YOU! The Agent The Seller

4. Benefit To… The Buyer "Please let us know how much house we can afford." There are simply too many variables to answer that question: credit history income debt special mortgage programs etc.

5. Benefit To… YOU! The Agent By knowing what the financial parameters are for the buyer, you can spend more time looking for houses that "fit" and less time pursuing dead ends… Sound Good?

6. Benefit To… The Seller A PREQUALIFIED offer will definitely stand out! When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies. Simply put: it is better to stick with something you already have, rather than pursuing something you may never get.

7. Prequalification vs. Conditional Preapproval WHAT’S THE DIFFERENCE?

8. Prequalification A mortgage loan prequalification is simply an estimate of how much house the buyer can afford and how much money a lender would be willing to loan to the buyer. This estimate is useful in helping the buyer figure out if buying a home is a viable option for them, and if so, what their price range would probably be.

9. Conditional Preapproval Getting conditionally preapproved means that the buyer has a tentative commitment from a specific lender for mortgage funding. With a conditional preapproval in hand, the buyer can start their shopping – with mortgage funding in place.

10. It’s all about the INFO THE APPLICATION

11. THE CONDITIONAL PREAPPROVAL LETTER

12. Thanks For The Opportunity! Please let me know how I can help.