How do I get mortgage preapproval in Glendale?
Start an online application with Paramount Loan Services or call (818) 500-4009, 9:00 AM to 5:00 PM, Monday through Friday. A loan officer will reach out, review your income, assets and credit with you, and issue a pre-qualification letter you can share with your real estate agent when you make an offer.
What is the difference between pre-qualification and preapproval?
The terms are often used loosely. In general, pre-qualification is a review of your financial picture that estimates what you may be able to borrow, while preapproval usually means a lender has also checked documentation and credit. Neither one is a final loan approval: the lender makes that decision in underwriting, after the property is appraised.
What documents will I need?
Lenders generally ask about income, assets, debts and credit. A wage earner typically shows recent pay stubs and W-2s; a self-employed borrower may show tax returns or, for a bank statement loan, personal or business bank statements. ITIN borrowers apply with their ITIN instead of a Social Security number. We will tell you exactly what your program and lender ask for.
Why get preapproved before you start house hunting?
It tells you which price range to shop in, so you spend your weekends on homes that fit. It lets your agent show sellers you have already done the homework, which helps in a competitive market. And it surfaces questions about income, credit or down payment early, while there is still time to address them, instead of after you are in contract.
How much house can I afford?
That depends on your income, your existing debts, your down payment, the loan program and the lender’s guidelines, which is why we review your financials instead of quoting a number up front. To get a feel for monthly payments at different prices, try our mortgage calculator; its results are illustrative only, not a quote.
Can I get preapproved if I am self-employed or use an ITIN?
Being self-employed or using an ITIN does not rule you out. Bank statement and other non-QM programs, and ITIN loans, exist for borrowers whose paperwork does not fit a conventional checklist. Read our comparison of conventional and non-QM home loans, then talk to us about your situation.
Does a pre-qualification letter guarantee my loan?
No. A pre-qualification letter is based on the information reviewed at that point. Your final loan depends on the lender’s underwriting, the appraisal, and your finances staying the same until closing — so avoid opening new credit or making large purchases while you shop.
Every loan is underwritten by the lender on its own facts. Nothing on this page is a rate quote, a loan offer, or a promise of approval, and the mortgage calculator is for illustration only.
What does a mortgage broker do during preapproval?
A broker reviews your income, assets and credit with you, matches your file to the loan programs that fit, and works with the lender behind that program. At Paramount Loan Services, Tom Tumyan, our owner and Senior Loan Officer, follows up on every application personally, so you have one point of contact from your first call to closing.
Can I talk to someone before I apply?
Yes. Book a free home loan appointment by phone or through our contact form, and a loan officer will walk you through the options in plain English. We also serve Spanish-speaking clients — hablamos español.
