Getting a Legitimate Lender and Getting Pre-Approved
It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.
Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.
A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.
In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.
Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.
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Mark is awesome....from the moment we met him he showed interest, knowledge, expertise, and care for selling our home. He always answered his cell phone and responded immediately to my every whim. I was not an easy client as I had a not-so-great experience with another real estate broker. But Mark always made me feel important and came through on his every promise. And he sold our house within DAYS of listing it. I would highly recommend Mark to anyone wishing to buy or sell property. He is the absolute best. AND he has a nice sense of humor to top it off!zuser20140514114037531
Mark was honest!! Mark was referred to me after a bad experience with another realtor. From the first day, I saw that he was there to help me find a home that was right for me and not how much commission he could make from the sale. He was knowledgeable and available. He made me feel like I was his only client. Because of his negotiation skills and his responsiveness, I got my BEAUTIFUL house that many buyers were competing for. I give him 6 star.
PS.. He got a good sense of humor!Ms.veronie