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Buying & Selling Real Estate
HomeForumsBuying & Selling Real EstatePre-approved for a loan in Cali., Can I use this Out of State?
Marty L.'s profile image
Marty L.'s profile image
Marty L.
  • Real Estate Professional
  • from Burbank, California
  • Member since Apr 9, 2015
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Marty L.'s profile image
Marty L.'s profile image
Marty L.
  • Real Estate Professional
  • from Burbank, California
  • Member since Apr 9, 2015
Connect
Marty L.
  • Real Estate Professional
  • Burbank, CA
2
Votes |
24
Posts
Buying & Selling Real Estate

Pre-approved for a loan in Cali., Can I use this Out of State?

Marty L.
  • Real Estate Professional
  • Burbank, CA
Posted May 20 2020, 18:04

Hey guys 

Taking baby steps to build my wealth! So I am pre-approved for a 300k loan here in California thru my mortgage broker. Can I use this same pre-approval for an acquisition of a  property out of state? I am looking in different OOS markets that has a high rent to price ration. I've narrowed it down to  Cleveland OH and Santa Fe NM. I have options to either buy in California (LANCASTER, PALMDALE AND THE GREATER ANTELOPE VALLEY) or try my luck out of state where the barrier to entry is lower than CALI. 

Any input is greatly appreciate! 

Thanks BP community!! 

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