All rights reserved. NMLS #355239

© AvalonFinancial, Inc. | 23679 Calabasas Road, Suite 538, Calabasas, CA 91302

Loans made or arranged pursuant to a California Bureau of Real Etate Law License.

August 29, 2018

Please reload

Recent Posts

No two Loans are Alike

August 29, 2018

Please reload

Featured Posts


March 10, 2017

Any number of issues can kill a deal between buyer and seller. Besides the property condition and failed negotiations between the agents, financing plays a big role. Until the borrower gets the “Clear to Close” letter from underwriting you really don’t know if they have the financing. 

Most buyers get Pre-Approval or Pre-Qualification letters for their journey of buying a house with their Realtors.

We at Avalon Financial only provide Pre-Approval letters to our borrowers. This is an in-debt analysis of buyer’s ability to obtain the financing including a Fannie Mae underwriting. This is a much more reliable approach compared to Pre-Qualification. We obtain and verify all the necessary information such as borrower’s income, credit and assets. Pre-Qualification is just a preliminary number crunching by a loan officer without any real underwriting.

Every approval comes with limitations and conditions under which the financing may be denied. So, what is a “Clear to Close” letter? This is a letter from underwriting that is issued after all the conditions and hurdles are cleared and met. It is basically a green light to close escrow.

Here are some common examples that will prevent the buyer obtaining the financing even if they are already approved:

- Recent major purchases with financing
- Cosigning for a car or student loan for a family or friend
- Late payments on credit card or any other obligation
- Reduction of income (i.e. loosing a second job or bonus income if used in qualifying)
- Large amount of cash deposit in the bank accounts

We regularly inform and remind our borrowers to prevent these events in their buying process. This way we secure a smooth transaction and ability to obtain “Clear to Close” in a timely manner.

Approval Letter is not a full commitment until you have a CLEAR TO CLOSE.



Share on Facebook
Share on Twitter
Please reload

Follow Us
Please reload

Search By Tags
Please reload

  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square