Getting prequalified for a home loan is a critical step when your are considering buying a South Bay home or income property. Knowing how much you can afford and what your monthly mortgage payments will be can make the entire process simpler and less stressful. Contact one of our South Bay local mortgage lenders or use our prequalification application to find out more. Whether buying or selling a home in the South Bay, we are your best choice in South Bay REALTORS®.
Keith Kyle
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South Bay Brokers Inc. 

Keith  Kyle - South Bay Brokers
2501 N. Sepulveda Blvd. 
Manhattan Beach, CA 90266 
310-251-2344
Keith.Kyle@SouthBayBrokers.com
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The Steps to Getting Prequalified for a Home Loan

Getting prequalified for a loan is an important step in the home buying process. It is a free service offered by local lenders and there is no obligation for this service. Click here to start the prequalifcation process and find out what your monthly payments will be.

  1. Get a referral for a lender or mortgage broker from a friend, relative, co-worker
    or real estate broker. Keith Kyle and South Bay Brokers can help. See our list of local South Bay lenders and contact them or fill in our prequalification application and we will submit it to several lenders.
  2. Provide the following information to the lender:

    Gross monthly income and total monthly payments (car payments, minimum
    monthly payments on credit cards, child support payments and any other payments
    you have to make every month).
  3. Get your debt to income ratios. You or your lender can add all your debts together and compare that number to your income to arrive at your total debt-to-income ratio.
    Your percentage should be under 36 for the best interest rate.
  4. Have your lender pull your credit report. The report should
    include a FICO (Fair, Isaac and Co.) score, which is the credit scoring system
    most widely used by lenders. (A credit score is a system of calculating the
    risk of lending to you based on several factors, including how long you've been
    at your present job, your occupation, how long you've been at your present
    address, the ratio of your balances to your available credit lines, whether you
    are a home owner, the number of recent inquiries into your credit, your age,
    the number of credit lines you have, the years you have had a credit
    in the credit bureau database, and such derogatory items as bankruptcy,
    collections against you, foreclosures and slow pays.) A FICO score of 680 or
    better is considered "A+" (excellent), and with good ratios and other positive
    factors should get you the best interest rates available.
  5. Have a lender prepare a letter of prequalification for you. The letter should
    state that your initial financial and credit information has been reviewed and
    looks good, though it will also state that the letter is not a guarantee of a loan.
 
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